Govt's debt exchange programme not enough — Former NPP MP Assibey-Yeboah

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Pulse-gh Dec. 6, 2022 4:11 p.m.

Govt's debt exchange programme not enough — Former NPP MP Assibey-Yeboah

He said for the government to alleviate the debt burden in the most transparent, efficient, and expedited manner, treatment of domestic debt is necessary adding that the invitation does not entail any reduction in the principal amount (haircut) of the eligible bonds which involves an exchange for a new government of Ghana bonds with a 0% coupon in 2023 that steps up to 5% in 2024, and 10% from 2025 onwards.

The association in a statement signed by the President, Perpetual Ofori Ampofo, described the debt exchange program as unfair since their pensioners will bear the brunt of the government’s fiscal indiscipline through the debt exchange programme.

Mark Assibey Yeboah on his part said the programme is a softer way of protecting investments while restructuring the country's debt ahead of the $3 billion International Monetary Fund (IMF) facility that the Government is seeking to secure.

Minister of Finance Ken Ofori-Atta announcing the programme said Ghana is facing a very challenging economic situation amid an increasingly difficult global economic environment, marked by the COVID-19 pandemic, the global economic shock created by the Russian invasion of Ukraine, and disruptions of the global supply chains..

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