The Finance Ministry on Wednesday said negotiations on the terms of a domestic debt exchange agreement with local pension funds were continuing and that they would be made public once an agreement on the details is reached.
Government, in a bid to mitigate an ongoing economic crisis, has negotiated a staff-level agreement for a $3 billion loan package from the International Monetary Fund (IMF).
The deal will only be approved by the IMF board if Ghana undergoes comprehensive debt restructuring, the fund has said.
In early December, the finance ministry launched a plan to exchange local bonds for longer-dated maturities. But after the deal met stiff opposition, the government said it would exempt pension funds from the restructuring programme.
Late on December 24, it extended the deadline for the exchange to January 16 from December 30, having previously extended it from December 19.
It also announced a change to the debt exchange, with eight additional instruments to be created.
"Were the participation to the domestic debt exchange too low, the perennity of the Government's efforts to resolve the current crisis and the expected international financial support would be jeopardised," the Finance Ministry said in a Q&A document.
It added this would put "further strains on the Government's capacity to honour its commitments and repay its debt."
Ghana's public debt was ¢467.4 billion ($46.7 billion) in September 2022, of which 42% was domestic debt, according to the most recent central bank figures.
Government on Tuesday requested a restructuring of its bilateral debt through the Common Framework platform set up by the Group of 20 major economies, a source familiar with the situation told Reuters.
Latest Stories
-
Takoradi traders lament over low sales ahead of Easter
15 mins -
Michael Ampadu: One Student, One Tablet initiative will shape the future of education and innovation
26 mins -
I will partner you for development – Alan tells TUC
34 mins -
Malnutrition, anemia remain concern to UNICEF
40 mins -
Kasoa shrinking penis: Court remands Electrician over false alarm
56 mins -
‘I look forward to working closely with President-elect Faye to enhance Ghanaian-Senegalese relations’ – Akufo-Addo
2 hours -
Girl, 8, only survivor as 45 killed in bus crash in South Africa
3 hours -
Biden to host star-studded NYC fundraiser with Obama and Clinton
3 hours -
GDNR, AAU and others launch Universal Acceptance for local languages in internet domain names
3 hours -
Ogum and Kotoko’s March malaise
5 hours -
BushGang Zee releases new afro dancehall anthem “Accra Stay By Plan”
5 hours -
2 repair vessels dispatched for undersea cable repairs – says NCA’s latest update
5 hours -
Multimedia Group Limited’s Clinton Yeboah shortlisted for 2 International Sports Press Association Awards
5 hours -
Supreme Court upholds High Court verdict on fraudulent sale of property by Senior Police Officer
6 hours -
NHIS Biometric Membership Authentication System limited rollout satisfactory – NHIA Deputy CEO
6 hours