The Ministry of Finance has announced a suspension of all payments of external debts pending an orderly restructuring of the affected obligations.
A statement by the Finance Ministry on Monday, December 19,
stated that the suspension will include the payments on our Eurobonds; our
commercial term loans; and most of the country’s bilateral debt.
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The suspension, according to the statement will, however,
not affect the payments of Ghana’s multilateral debt, new debts (whether
multilateral or otherwise) contracted after 19th December 2022 or debts related
to certain short-term trade facilities.
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“We are also evaluating certain specific debts related to
projects with the highest socio-economic impact for Ghana which may have to be
excluded. This suspension is an interim emergency measure pending future
agreements with all relevant creditors,” parts of the statement read.
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The Government launched the Domestic Debt Exchange Programme
on December 5, 2022, which affects the Government’s bonds listed on the Ghana
Fixed Income Market (GFIM).
The Ministry of Finance (MoF), on Saturday, announced the
extension of the Debt Exchange Programme to December 30, 2022. The debt
exchange was to deal with the country’s economic crisis.
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The Debt Exchange Programme which was expected to expire on
Monday, December 19, 2022, has been extended with a contemplated settlement
date of Friday, January 6, 2023.
The Ministry of Finance, in a statement, explained that the
extension comes on the heels of the announcement of the Staff Level Agreement
(SLA) between the government and the International Monetary Fund (IMF) on
December 13, 2022.
Source:citinewsroom
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