The Minister of Finance, Ken Ofori-Atta, has indicated that the Domestic Debt Exchange Programme 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.
Latest Stories
-
I’ll eliminate all wasteful projects if elected -Mahama
3 mins -
Eight killed in India train crash
29 mins -
Winneba Trauma Hospital didn’t ensure continuous care for ‘abandoned’ patient – Prof Titus Beyuo
43 mins -
Israeli PM scraps war cabinet after key departures
2 hours -
FDA cracks down on unregistered drugs in Nkawkaw
2 hours -
Alleged dumping of patient: Otiko Djaba urges retraining for hospital and social welfare personnel
2 hours -
NPP, NDC turn Eid-ul-Adha prayer ground into campaign platform
2 hours -
NSMQ2024: 23 schools square up in U/West regional qualifiers for nationals slot
2 hours -
Alan urges unity ahead of Ghana’s elections in Eid-Ul-Adha message to Muslims
2 hours -
Ablakwa-led demo against sale of SSNIT hotels comes off tomorrow
2 hours -
The system, the hospital and Ojobi community failed her – Otiko Djaba on ‘abandoned’ patient
3 hours -
Africans must own the logistics and shipping space – Executive Chair of McDan Group
3 hours -
Central Banks can lose money and operate efficiently – European Central Bank
3 hours -
Inflation to trend downwards in coming months – Report
4 hours -
Bus Stop Diaries: Accra floods – Are Ghanaian leaders ready to move from the cosmetic solutions?
4 hours