The Minister of Finance, Ken Ofori-Atta, has stated that the Domestic Debt Exchange Programme (DDEP) has been finished effectively, giving much-needed breathing room.
This puts an end to any assumption that the DDEP is still ongoing.
In an update to investors in London on Ghana’s debt exchange program, Mr. Ofori-Atta stated that the success of the Comprehensive Domestic Debt Exchange Programme demonstrates the Ghanaian people’s commitment to contributing to the government’s attempt to restore debt sustainability.
61 billion dollars saved
Overall, 203 billion were exchanged, resulting in debt service savings of 61 billion by 2023.
The Finance Minister stated that the Domestic Debt Exchange Program and fiscal initiatives greatly helped to debt sustainability, adding that the final leg would be the participation of External Creditors.
The economy is gradually resuming its growth trajectory.
According to Mr. Ofori-Atta, Ghana’s economy is gradually returning to a path of prosperity and stability.
According to him, the International Monetary Fund (IMF) program execution is on track.
The IMF Program is a three-year program that will provide the government with a $3 billion Economic Credit Facility from 2023 to 2026.
According to Mr. Ofori-Atta, Ghana has undertaken a full stock-take of accumulated payables, created a due clearance strategy, and put out a reform plan to reduce future arrears buildup.
He emphasized once more that the country has developed a strategy to improve the financial sector and restore the buffers of financial institutions following the completion of the Domestic Debt Exchange Programme (DDEP).