Debt exchange programme Archives

16 Feb

Finance Minister To Appear Before Parliament Today Over Debt Exchange Programme

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The Finance Minister, Ken Ofori-Atta will today, Thursday, February 16, appear before Parliament over the controversial Debt Exchange Programme (DDE). The Minister is expected to brief the house on the exercise. The Speaker of Parliament summoned the Minister after the North Tongu MP raised the matter in the house. Samuel Okudzeto Ablakwa’s concern was due to the ongoing picketing at the Finance Ministry by pensioner bondholders for an exemption from the programme. Deputy Majority Leader, Alexander Afenyo-Markin presenting the business statement of Parliament last Friday said it was necessary for the Minister to appear before Parliament to provide answers to…

14 Feb

Coupon Payments And Maturing Principals Will Be Honoured – Government

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The Government has assured persons who refused to participate in the just ended Domestic Debt Exchange Programme that they will be paid their outstanding coupons and maturing principals. According to the government, this will be done with Government fiscal commitments. “The Government would like to reassure all individual bondholders who elected not to participate that your coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government fiscal commitments,” the government said in a statement issued by the Ministry of Finance on Tuesday, February 14. The Government in the said statement also thanked the people…

13 Feb

Pensioner Bondholders Continue Picketing Finance Ministry Over Domestic Debt Exchange

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The Pensioner Bondholders Forum has continued its protest against the inclusion of their investments in the Domestic Debt Exchange programme. Members of the forum have returned to the Finance Ministry to picket for the sixth day. Their picket is to demand a total exemption of their investments from the programme. The former Chief Justice, Sophia Akuffo on Friday, February 10, joined the protest. She threatened to sue the government if their pension funds are included in the debt exchange programme. The pensioners have already rejected the government’s 15% coupon rate. The retirees have stated that they will not accept any…

10 Feb

Former Chief Justice Sophia Akuffo Joins Pensioners’ Protest Against Inclusion In Domestic Debt Exchange

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Former Chief Justice, Sophia Akuffo has joined pensioners picketing the Finance Ministry to demand a total exemption of their investments in the controversial Domestic Debt Exchange Programme (DDEP). Mrs Akuffo was seen holding a placard with the inscription ‘We depend our bond yields to pay our rent, medical bills, electricity bills and water bills.’ Members of the Pensioner Bondholders Forum on Monday, February 6, began picketing the Finance Ministry to demand a total exemption of their investments from the Domestic Debt Exchange programme. Today is the fifth consecutive time members of the forum have showed up at the Ministry. Government…

31 Jan

BoG Needs To Work Hard On Threats To Solvency Of Banks – Banking Consultant

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Banking Consult, Dr. Richmond Atuahene has adviced the Central Bank to put its best foot forward to eliminate the various increased pressures on the liquidity of banks and the threat to their solvency. Dr. Atuahene said the situation if not managed properly will affect the ability of banks to lend to private sectors and small businesses and cause a depletion of regulatory capital. “From where I sit and the calculations in front of me, Bank of Ghana would need to work hard because out of the 23 (banks), I do not know which one would stay if we go by…

30 Jan

DDEP Non-participants Won’t Be Penalised – Ofori-Atta To Individual Bondholders

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Ghana’s balance of payments further deteriorated to a deficit of $3.64 billion in December from a $3.4 billion deficit the previous quarter, central bank data showed on Saturday. The West African nation is facing an economic crisis that saw consumer inflation rise to 54.1% last month. The cedi currency has depreciated around 50% annually, and interest payments on government debt have swelled to between 70% and 100% of GDP. Recent balance of payments woes have been largely driven by a sharp reversal in capital flows, with Ghana’s capital account deficit having worsened to $2.18 billion in December from $1.64 billion in September.…

27 Jan

Debt Exchange Programme: Government Reaches Agreement With Ghana Insurers Association

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The Government of Ghana and the Ghana Insurers Association (GIA) have reached an agreement on the participation of insurance companies in the Domestic Debt Exchange Programme (DDEP). Under the agreement, insurance companies will participate in the programme on similar terms as the Banks. This was contained in a joint statement issued by the Ministry and the GIA on Thursday January 26, 2023. “That the Government through the solvency window of the Ghana Financial Stability Fund (GFSF), will provide support for the insurance companies that are seriously affected by the DDEP. The objective is to protect jobs and the stability of…

23 Jan

IMF Will Cause Deflation By Stabilizing The Economy- Kofi Tonto

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Government's spokesperson, Kofi Tonto, says intervention of the IMF will help stabilize the economy and cause a reduction of inflation in the country. Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Mr Tonto briefed Ghanaians on the benefits of the Debt exchange programme initiated by the government, as well as intervention of the International Monetary Fund (IMF). He asserted that '' Inflation goes up naturally and with regards to what happened in the past year, arguably it is not a normal rate of inflation we usually encounter. By the grace of God…

23 Jan

Debt Exchange: We Wouldn’t Have Approved 2023 Budget If We Knew Individual Bondholders Would Be Affected – Dafeamekpor

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South Dayi Member of Parliament, Rockson Nelson Dafeamekpor has accused the government of deception relative to the Domestic Debt Exchange programme. He said the House would not have approved the 2023 budget statement if the lawmakers had known that individual bondholders were going to be affected. Speaking on the Key Points on TV3 Saturday, January 21, he said “The handling of this matter was very deceitful. We wouldn’t have approved the budget if we knew domestic bondholders would be affected.” Individual bondholders rejected their inclusion in the programme. They held the meeting with Finance Minister Ken Ofori-Atta on Wednesday, January 18, after which a technical…

20 Jan

G20 Creditors Agree To Ghana’s Debt Relief Talks

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All member countries of the G20 group of economic powers are on board for a restructuring of Ghana’s debt. The Paris Club members are ready to take the first step toward forming a creditor committee, an official of the club told Reuters. Ghana last week requested a restructuring of debt it owes to other governments, becoming the fourth country after Chad, Ethiopia and Zambia to do so under a G20 Common Framework. The programme, which was launched in 2020, was supposed to streamline the process of coordinating among creditor governments the restructuring of low-income countries’ debts after the pandemic. However,…