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Ghana has defaulted on its debts for the first since 1982 – IMANI Africa vice president

Ghana has defaulted on its debts for the first since 1982 – IMANI Africa vice president

The vice president of IMANI Africa, Bright Simons, has said that the debt restructuring exercise announced by Finance Minister Ken Ofori-Atta is nothing more than the government defaulting on its debt obligations.

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In a series of tweets shared on Sunday, December 12, 2022, Simons said that this would be the first time in nearly 40 years that the government of Ghana would fail to pay its debtors.

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The IMANI vice president added that the last time the government defaulted on its debts was in 1972.

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

He stated in a 4-minute address that the announcement was in line with government’s Debt Sustainability Analysis as contained in the 2023 budget he presented to Parliament on November 24.

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:

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