According to Ken Ofori-Atta, the finance minister, the government is planning to restructure its debt for GH137 billion.
According to the government, it is absolutely necessary for them to exchange some bonds for new ones in the short, medium, and long terms due to Ghana’s high debt levels.
“As I announced in the evening of yesterday, Sunday, 4th December 2022, we are gathered here today to invite holders of domestic debt to voluntarily exchange approximately GH137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic,” he said at a press conference to announce the start of the programme on December 5, 2022.
The finance minister also stated that Ghana’s debt had surpassed its GDP and had grown to unmanageable proportions. A debt swap scheme is a step in bringing the economy back to levels that are sustainable.
For this reason, he continued, “we are announcing the debt exchange today, which will assist in restoring our capacity to service debt.”
He also linked the nation’s issues to the present global economic crisis that many nations are experiencing.
