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At a time when Ghana is requesting assistance from the International Monetary Fund (IMF), the Minister of Finance on December 4, 2022, announced measures in the government’s Domestic Debt Exchange (DDE), as part of Ghana’s wider debt sustainability.
In a four-minute speech, he claimed that the declaration was consistent with the government’s Debt Sustainability Analysis, which was included in the 2023 budget he had earlier on November 24 presented to Parliament.
Among other things, the Minister outlined the replacement of four domestic bonds with existing ones, along with details on their maturities and coupon payment schedules.
He also discussed steps to lessen the impact of local bond exchange on various stakeholders as well as the government’s overarching objective in relation to its interactions with the International Monetary Fund.
He also addressed the overarching goal of the government relative to its engagements with the International Monetary Fund as well as measures to minimize impact of domestic bond exchange on different stakeholders.
In the concluding part of his announcement, Ofori-Atta reiterated thus: “These are difficult times and we count on the support of all Ghanaians and the investor community to make the exercise successful.
“We are confident that these measures will contribute to restoring macroeconomic stability. With your understanding and support and that of the entire investor community, we shall overcome our current difficulties, and with the help of God, put our economy back on the path of renewed and robust growth,” he said.
He concluded the address on a Biblical note, saying: “As 1st Samuel 30:19 says, nothing was missing, small or great. I say to you, nothing will be lost, nothing will be missing, and nothing will be broken. We will, together, recover all.
“Thank you and God bless our homeland Ghana.”
NKONKONSA.com
