The Minister of Finance, Ken Ofori-Atta, has indicated that the Domestic Debt Exchange Programme (DDEP) has been successfully completed, providing much-needed breathing space.
This quells any speculation that the DDEP has not ended.
Updating investors in London about Ghana’s debt exchange programme, Mr. Ofori-Atta said the success of the Comprehensive Domestic Debt Exchange Programme illustrates the commitment of the Ghanaian people to contribute to the Government’s effort to restore debt sustainability.
“All exchanges of domestic marketable debt planned as part of the DDEP are completed and no further exchanges of domestic marketable debt is being considered”, he stressed.
¢61bn savings made
Overall ¢203 billion have been exchanged, which has resulted in debt service savings of ¢61 billion over 2023.
The Finance Minister said the Domestic Debt Exchange Programme and the fiscal efforts significantly contributed to restoring debt sustainability, adding, the remaining leg will be the contribution of External Creditors.
Economy gradually returning to growth path
Mr. Ofori-Atta also said Ghana’s economy is gradually returning to a path of growth and stability.
According to him, the implementation of the International Monetary Fund (IMF) programme is well on track,
The IMF Programme is a three years programme, from 2023 to 2026 which the country will get a $3 billion Economic Credit Facility.
Mr. Ofori-Atta, said, Ghana has so far completed a comprehensive stock-take of payables accumulated, designed a payable clearance plan and laid out a reform plan to reduce future accumulation of arrears.
Again, he pointed out that the country has finalized a strategy to strengthen the financial sector and rebuild financial institutions’ buffers after the implementation of the Domestic Debt Exchange Programme (DDEP).
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