Debt Exchange: Steps being taken to limit impact on financial sector - Akufo-Addo - Adomonline.com

President Nana Akufo-Addo has said that government is taking steps to mitigate the impact of the Domestic Debt Exchange Programme (DDEP) on the financial sector.

Speaking at the 2023 International Labour Day parade, he said that among other things the government has established the Ghana Financial Stability Fund as earlier announced as part of the process of ensuring the financial sector is aided amid the debt restructuring.

This fund, he noted, would provide, amongst others, solvency and liquidity support to eligible financial sector institutions, which may be affected by the Domestic Debt Exchange Programme.

“In keeping with our common objective, the government, through the Financial Stability Council, will monitor continuously the impact of the Domestic Debt Exchange Programme on financial institutions to enable it to take remedial action, if and when necessary.”

Meanwhile, he also assured organised labour of the protection of their pension funds as the government continues its debt restructuring programme aimed at securing an IMF deal.

President Akufo-Addo noted that his outfit is aware of the impact of the restructuring on workers and as such aimed to explore other beneficial options within debt sustainability limits with the cooperation of both Government and Organised Labour.

He said that “In undertaking the Domestic Debt Exchange Programme, we have been very mindful of its potential impact on the pension funds of workers.