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During the 2023 Mid-Year Budget Review in Parliament on July 31, Finance Minister Ken Ofori-Atta emphasized the significance of the controversial Domestic Debt Restructuring Programme (DDEP). He highlighted that the program has granted the government greater fiscal flexibility and aided in addressing cash and liquidity constraints.
The Minister expressed gratitude to all bondholders who participated in the program, which involved three months of negotiations and amendments to the original terms. The DDEP was successfully completed on February 14, with a total of GH¢82,994.5 million, representing 84.9 percent of total eligible bonds, being received as final participation.
Furthermore, Ken Ofori-Atta reiterated the government’s commitment to further engage in discussions for another round of the DDEP. This move comes as part of the government’s efforts to meet conditions set by the IMF after seeking a bailout, with a key focus on bringing the escalating debt level under control.
Despite facing resistance locally, the government managed to secure over 85% participation from foreign partners and local bondholders during the debt exchange program.
myinfo.com.gh
