Economic crisis: Be circumspect; we’re in this together – Ofori-Atta to media

The Minister for Finance, Ken Ofori-Atta, has admonished the media to be circumspect and disseminate the right information regarding the current economic crisis and the government’s debt exchange programme in order not to create unnecessary panic among investors.

Mr Ofori-Atta speaking at the launch of Ghana’s Domestic Debt Exchange on Monday, December 5, 2022, said the government will rely on the media for education hence the need for the media to provide the public with the right information.

“This debt exchange provides an orderly way to put our economy back on track.

Mr Ofori-Atta also reiterated that there will be no “haircut” on the principal of bonds and that individuals with government bonds will have their full investments on maturity.

He noted that the government has concluded the broad contours of the debt sustainability analysis and details on Ghana’s domestic debt exchange will be launched on Monday, December 5, 2022.

He said the government recognizes that Ghana’s financial institutions hold a substantial proportion of these bonds, “as such, the potential impact of this exchange on the financial sector has been assessed by their respective regulators

“Specifically, the Bank of Ghana, the Securities & Exchange Commission, the National Insurance Commission, and the National Pensions Regulatory Authority will ensure that the impact of the debt operation on your financial institution is minimized, using all regulatory tools available to them.”