Dalex Finance’s Director of Business Operations has predicted doom for the country’s economy if the government does not up its game and complete the debt restructuring negotiations this month.
Joe Jackson says non-completion of the policy would make room for uncertainties.
According to him, if by February the issue has not been addressed completely, it will not augur well for the country.
In this regard, Mr Jackson speaking in an interview with Accra-based Citi FM on Wednesday, January 4, urged the government negotiators to expedite negotiations on the debt exchange programme.
“In my mind, by the end of this month, it should have been tied up, it is hard to imagine going into February without this issue being resolved then we will be heading into the doomsday scenario,” he predicted.
Mr Jackson however said the recent stability of the Ghanaian Cedi has calmed the nerves of the international market.
“The reason why the markets haven’t punished Ghana as badly as they could have punished us is that there is a sense that the IMF will come in and provide some stability…but we then need to negotiate with all these constituencies that we are asking to take a haircut, and it has to be voluntary.
So we are walking on a knife edge, and we have to come to a conclusion very soon. I don’t think that there is a lot of time at all.”
Meanwhile, the government has already extended the deadline for its domestic debt exchange to January 16 after the earlier deadline of December 30, 2022.
This is in order to “secure internal approvals” from the financial sector.
The Ministry of Finance also announced a change to the debt exchange, with eight additional instruments to be created.
Latest Stories
-
REMAPSEN celebrates 5 years of championing health and environmental awareness across Africa
59 minutes -
I served with diligence and honesty; I am willing to defend my NSS tenure in court – Mustapha Ussif
1 hour -
Afenyo-Markin challenges Ahiafor’s sub judice ruling, calls it ‘dangerous precedent’
3 hours -
Mahama instructs Armed Forces to escort all vehicles in Bawku area
3 hours -
African artists, global awards, and the fight for visibility
4 hours -
This Saturday on Newsfile: GRNMA strike, ORAL probe into NSA, shut down of 64 radio stations
4 hours -
19 arrested in raid on drug and robbery dens at Kasoa Dominase, Onion Market
4 hours -
Luv FM High Schools Debate heats up as top schools advance to Round of 16
5 hours -
Asantehene urges chiefs to offer lands as equity for farming
5 hours -
GhanaFest Alberta 2025 launch ignites diaspora business momentum
5 hours -
22-year-old hearing-impaired man allegedly dies by suicide after rape accusation
6 hours -
CAETE 2025: MDF seals 10k jobs deal with China’s Yixintai Group
6 hours -
Climate Change: AGN Chair emphasises importance of Africa’s unity in global negotiations
6 hours -
TV stations risk prosecution over pirated content – Copyright Office warns
6 hours -
Anointed Engineering donates ‘Borla Macho III’ tricycle to support sanitation drive in Accra
6 hours