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Debt exchange programme is debt restructuring – Ato Forson tells govt - www.asempanews.com

Debt exchange programme is debt restructuring – Ato Forson tells govt - www.asempanews.com

Member of Parliament for Ajumako-Enyan-Esiam Cassiel Ato Forson has said the government’s debt exchange programme as captured in the 2023 budget statement is actually debt restructuring that is being embarked on.

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In the budget statement, the Finance Minister Ken Ofori-Atta said on Thursday November 24 that “despite the heightened debt levels, Government remains committed to ensuring that debt is brought to sustainable levels over the medium to long-term.

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“To this end, we will implement a debt exchange programme to address the challenges identified in the portfolio in collaboration with all relevant stakeholders including the Ghanaian public, investor community and development partners.”

Commenting on this , Mr Ato Forosn who is also a former Deputy Finance Minister said “Government of Ghana has finally announced a Debt restructuring programme as part of the 2023 budget

It is recalled that analyst including Former Finance Minister Mr Seth Terkper had ealier indicated that debt restructuring in Ghana was unavoidable given the spending that have been engaged in by the government over the period.

Ghana commenced discussions with domestic bondholders on a restructuring of its local-currency or cedi debt as part of plan to secure at least $3 billion loan from the International Monetary Fund (IMF)

The restructuring was to be part of a debt-sustainability plan required by the IMF, would include part of the $19 billion Ghana has in outstanding local debt.

Original Story on: AsempaNews


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