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Debt Exchange: Greece used force to ensure participation; Ghana doesn’t want to do that – Ofori-Atta - www.asempanews.com

Debt Exchange: Greece used force to ensure participation; Ghana doesn’t want to do that – Ofori-Atta - www.asempanews.com

Finance Minister Ken Ofori-Atta has said that Ghana is not the first nation to undertake domestic debt operation in the form of the Debt Exchange programme that has been launched.

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He added “In any case, the good news is that the Domestic Debt Exchange has yielded positive results both in Greece and Jamaica, and many others, and will certainly put our economy on a much stronger footing.

Mr Ofori-Atta further indicated that the Government of Ghana expects overwhelming support for the debt exchange programme.

He further justified the introduction of the debt exchange programme.

He stated that it has become necessary because of the enormous challenges with debt servicing.

He revealed that debt servicing is consuming “almost of government’s revenue and also 70 per cent of tax revenue.”

Under the debt exchange programme, he said, ” domestic bond holders will be asked to exchange their instruments for new ones.”

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