Ken Ofori-Atta, the finance minister has stated that, the deadline for the Domestic Dept Exchange Program (DDEP) will not be postponed any further more.
The government had asked for a third extension of the deadline to aid build consensus with some bondholders who have shown dissatisfaction with the Domestic Dept Exchange Program on January 16, 2023.
Speaking in an interview on Accra based radio (Joy) which was monitored by 1Family Radio, the finance minister stated that the government aims to reach 80% of subscription for the DDEP. He added that they are working on a tight schedule to obtain a Board-level approval from the International Monetary Fund (IMF) for an extended credit facility.
Ken Ofori-Atta stated that they are through with the staff level agreement and when they met with the Paris Club Membership and the club has just the end of February to go through the common framework and they are expected to meet the board in Washington in March. He said he is confident we will reach the 80% of subscription.
He further explained that we don’t have that type of time because we usually go for our Eurobond insurance at the international capital market during the first quarter of the year. He stated that now that there’s no market for us this year, our only comfort is an agreement in the fund program.
Ken Ofori-Atta announced that any further delay will cause a severe risk to the economy of Ghana which is already suffering from various setbacks.
source: 1Family Radio
