Ghana is first African country to restructure domestic debts – Ato Forson

Ato Forson added that by defaulting on its current debts, thus announcing a domestic debt exchange, “Ghana has announced default of its external debts.

This approach was highly successful, as more than 99% of holders of domestic bonds participated in the exchange.

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

The Minister of Finance announced a number of measures under government’s Domestic Debt Exchange (DDE) programme late Sunday.

The Minister laid out among others the exchange of existing domestic bonds with four new ones as well as their maturity dates and terms of coupon payments.

He also addressed the overarching goal of the government relative to its engagements with the International Monetary Fund as well as measures to minimize impact of domestic bond exchange on different stakeholders.

“The Government of Ghana has been working hard to minimize the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups,” he said before outlining three main measures: