Today marks final deadline for Debt Exchange amidst protest from pensioner bondholders

Today, February 7th 2023 marks the final deadline for the Domestic Debt Exchange programme and the government through the Ministry of Finance has said it is hopeful that all domestic investors will participate.

This is despite the agitation of Pensioner Bondholders Forum. They picketed in front of the Finance Ministry on Monday, February 6 to demand an exemption from the domestic debt exchange programme.

They said most of them depend on their coupons to cater for themselves and their children hence want an exemption just as the Pension Funds

But the government has not listened to their concerns.

In a press statement issued by Finance Minister Ken Ofori-Atta on Monday, the government said “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.

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“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

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