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Sign up for debt exchange ahead of deadline – Ofori-Atta counsels bondholders

The Finance Minister, Ken Ofori-Atta has called on individual bondholders and groups yet to to sign up for government’s Domestic Debt Exchange Programme ahead of the deadline, February 7.

Addressing the nation on MOnday evening,, he stated that it is crucial for bondholders to join the programme considering the importance of a sustained economic recovery backed by an approved IMF programme in the first quarter 2023, as well as the need for economic stability.

“Let every Ghanaian be encouraged that the DDEP will bring us to a place of stability, economic recovery and transformational growth. We must do this together,” he said on Monday.

Mr Ofori-Atta added that “government on its part is resolved to continue to undertake all necessary fiscal adjustments that would ensure that our sacrifices will pay off and the collective good is upheld. Let each and everyone play their part.”

He admitted that times are hard but expressed hope that if the debt exchange programme gets the needed support, the country will emerge from the economic crisis more resilient and more united than before.

“Then we shall, together, continue rebuilding our economy again; and enable businesses to thrive again; and bring back hope and cheer to our homes again. Let us all speak one language: Boa me na men boa wo; and we shall then prevail and recover all. Let’s do this together!”

In December 2022, Finance Minister Ken Ofori-Atta launched the debt exchange programme as part of efforts to access the $3 billion bailout from the International Monetary Fund (IMF).

This final lap has, however, been fraught with challenges as various interest groups including labour and individual bondholders have lamented the possibility of the development leaving them in a sorry state.

So far the government has extended the deadline for eligible bondholders two times. But individual bondholders are asking for their bonds to be excluded from the restructuring.

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