Finance Minister, Ken Ofori-Atta says the Domestic Debt Exchange Programme (DDEP) was necessary to alleviate Ghana’s debt burden – after describing it as “transparent, efficient and expedited”.
Addressing parliament on Thursday, 16th February, the Finance Minister said, “when the government decided to implement the Domestic Debt Exchange Programme, our aim was to alleviate the debt burden in a transparent, efficient, and expedited manner while minimising its impact on investors holding government bonds.”
He continued, "with great relief and immense gratitude, the government is pleased to announce that as of February 14, 2023, approximately 85% of holders are eligible to participate in the Invitation to Exchange tendered in the Exchange.”
Mr Ofori-Atta thanked Ghanaians for their patience and support throughout the country’s challenging economic times.
“The success of the DDEP will build momentum for the external debt restructuring programme, which has also commenced,” Ofori-Atta said.
He noted that the government has officially asked bilateral creditors for a Debt Treatment initiative under the G-20 Common Framework.
“The government recognizes the continued importance of the DDEP in closing the financing gap and enabling the government to meet the debt sustainability target of 55% of debt-to-GDP in present value terms by 2028,” Mr Ofori-Atta said.
Source: King Edward Ambrose Washman Addo/peacefmonline.com/ghana
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