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Finance & InvestmentWed, 7 Dec, 22

Debt Exchange Programme Is Key Requirement For IMF Deal – Ofori-Atta

Debt Exchange Programme Is Key Requirement For IMF Deal – Ofori-Atta

The Minister of Finance, Ken Ofori Atta, has said a debt restructuring programme to put the country’s debt level on a sustainable path is key in securing an economic deal with the International Monetary Fund (IMF), hence the launch of the Debt Exchange Programme.

Ghana is seeking an economic programme from the IMF to address its balance of payment and other financing challenges.

Addressing Journalists to launch the domestic debt operations, the finance minister insisted that the government has no choice but to undertake the debt restructuring programme to put the country’s debt level on a sustainable path.

An IMF mission team is presently in the country to continue discussions with the authorities on the post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement.

On the fear of investors losing their investments, the Finance Minister assured that no individual bondholder will lose their funds in the proposed programme.

A debt sustainability analysis embarked on by the government as part of the deal, point to an unsustainable debt level exceeding 100% of Gross Domestic Product hence thus informing such an action.

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