Debt Exchange: We’re in a crisis, lower participation will prolong recovery – Ofori-Atta

Finance Minister Ken Ofori-Atta has urged as many as possible to participate in the Domestic Debt Exchange programme (DDE).

He stated that if the government does not get as many as possible to take part in the programme, economic recovery will take a long time to achieve.

“Frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis.

“In addition, the prospects of international financial support and other financial assurances would be jeopardized,” he said in a statement on Monday Febraury 6.

He added “This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy.

“What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods.”

Tuesday, February 7 marks the final deadline for the programme.

The government through the Ministry of Finance said it was hopeful that all domestic investors would participate.

Mr Ofori-Atta said that as a government, the singular motivation “for taking this rather difficult road is to restore macro-economic stability, achieve debt sustainability and get the economy fully back on track. We know that these are necessary pre-conditions for creating jobs; safeguarding and enhancing incomes; fostering inclusive growth; and restoring hope to Ghanaians.”

MoF Update on the Economy- DDEP 6 Feb 2023

Through collective hard work and discipline, coupled with the abiding and abundant grace of the Almighty God,  he said the government has been focused on avoiding a full-blown economic crisis.

“Indeed, the Grace of God assures us that ‘Surely there is a future, and your hope will not be cut off.’ Proverbs 23:18 ESV,

“Our remarkable progress with the on-going International Monetary Fund Programme is a significant boost to our recovery efforts. Continuous progress will steer us further away from the slippery precipice we recently faced. Therefore, the momentum must be sustained,” he said.

Considering the importance of a sustained economic recovery backed by an approved International Monetary Fund (IMF) programme in the first quarter 2023, he said, it is crucial for groups and individuals to consider the merit of the enhanced DDEP, as well as the need for economic stability; and sign up by tomorrow to make it a successful one.

“Let every Ghanaian be encouraged that the DDEP will bring us to a place of stability, economic recovery and transformational growth. We must do this together.

“Government on its part is resolved to continue to undertake all necessary fiscal adjustments that would ensure that our sacrifices will pay-off and the collective good is upheld. Let each and everyone play their part.

“These are difficult times, no doubt, but if we hold on together, we can and we will emerge from this more resilient and more united than before. Then we shall, together, continue rebuilding our economy again; and enable businesses to thrive again; and bring back hope and cheer to our homes again.”

Source: By Laud Nartey

Leave a Reply

Your email address will not be published. Required fields are marked *