Government may
no longer extend the deadline for subscribing to the domestic debt exchange
programme which has been rescheduled three times already.
This was hinted
by Finance Minister, Ken Ofori-Atta when he addressed the nation to give
updates on the programme on Monday.
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The deadline for signing up for the programme expires today, Tuesday, February 7, 2023.
Mr. Ofori-Atta
said though the extensions delayed the execution of the programme, such
decisions were needed to alleviate the country’s “debt burden in the most
transparent, efficient, and sustainable manner.”
“We admit that
there were legitimate and critical concerns which needed deeper and broader
consultations. The requisite efforts to address them have resulted in improved
terms and changes in the closing date, with a final deadline of February 7.”
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He however said
if bondholders do not sign up for the deal, government may struggle to get a
bailout package from the International Monetary Fund and may also find it difficult
to revive the economy.
“Frankly,
non-participation or a lower-than-expected turnout for the DDEP will prolong
efforts to resolve the current economic crisis. In addition, the prospects of
international financial support and other financial assurances would be
jeopardized. This development could further put strain and stress on the
Government’s capacity to honour key commitments. This is not what we want for
our economy.”
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The Finance
Minister also extended some words of appreciation to the major stakeholders for
their interest and goodwill ahead of the programme’s deadline.
“As a listening Government, we have re-engaged all
stakeholders, on a daily basis; sometimes even deep into the night. The
Governor and I, and our Teams are all thankful to the Ghana Association of
Banks (GAB); the Ghana Insurers Association (GIA); the Ghana Securities
Industry Association (GSIA); the Individual Bondholders Forum; and the
Pensioner Bondholders Forum, for their interest, insights and goodwill.” LET
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He further
stressed that the current cooperation from the various stakeholders is an
indication of an act of patriotism and called on others to join hands with the
Finance Ministry to have the programme delivered.
“Undoubtedly,
the participation of the banks, insurance companies and the securities
industry, under the enhanced DDEP is a significant milestone which represents a
response to a call to national duty. It is a critical step to restore
macro-economic stability; accelerate Ghana’s economic growth under an IMF
Programme; and leverage other international financial support.”
By Kabah Atawoge || CITINEWSROOM
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