The Minister of Finance, Ken Ofori-Atta has revealed that the government has moved the expiry date for enlistment onto the Domestic Debt Exchange Programme to December 30, 2022.
In his address yesterday, December 19, 2022, on the current state of the economy, Ofori-Atta revealed that the extension was necessitated to accommodate some key concerns raised by stakeholders.
Following the stakeholder engagement, government has agreed to extend the expiration date for the domestic debt exchange programme to 30th December, 2022 to allow for key concerns raised by stakeholders to be accommodated in some form.
He also attributed the stabilization of cedi to the Debt Exchange Programme and the signing of the Staff Level Agreement with the International Monetary Fund.
The launch of the Debt Exchange Programme coupled with the signing of the Staff Level Agreement with the IMF have aided our stability efforts and have in particular contributed significantly to the rebound of our currency. While accommodating the inputs of stakeholders, we must do all we can sustain the gains of these initiatives keeping insight the urgency of obtaining IMF board approval in quarter one 2023.
The starting date for bondholder participation in the scheme was December 19.
However, the Ghana Chamber of Corporate Trustees asked for a one-month extension of the December 19 deadline for the debt exchange program.
According to them, the extension is necessary as engagements with stakeholders who will be impacted by the debt restructuring are still ongoing.
In a statement, they also proposed that “some key revisions of the debt-restructuring proposal will be needed in order to safeguard the interests of our contributors.”
Story Written by: Joshua Afari | univers.ug.edu.gh