Debt exchange programme Archives - Page 3 of 3

19 Dec

Domestic Debt Exchange Programme Expiration Date Extended

wontumionlineBusinessDebt exchange programme

The expiration date for the Domestic Debt Exchange Programme has been extended to December 30, 2022, the Ministry of Finance has announced. In a press statement issued last Friday (December 16, 2022), the ministry explained that over the last ten days, it continued the consultation efforts that was initiated with all stakeholders ahead of the launching of the offer, including regulators, bankers, pension funds, asset managers, insurance companies. Below is a copy of the statement FOR: IMMEDIATE RELEASE EXTENSION OF THE EXPIRATION DATE FOR THE DOMESTIC DEBT EXCHANGE PROGRAM (DDEP) TO DECEMBER 30, 2022 1. On 6th December 2022 our domestic…

12 Dec

Rescind Your Decision Against Debt Exchange Programme, Rather Support It – CIMG To Labour Unions

wontumionlineBusinessCIMG, Debt exchange programme, Dr. Daniel Kasser-Tee

The Chartered Institute of Marketing Ghana (CIMG) has advised labour unions kicking the Debt Exchange Programme to rescind their decisions. According to President of the institute, Dr. Daniel Kasser-Tee, this is necessary to support government’s quest to revive and ensure a stable economy. The government began a debt exchange programme last week expected to impact on bonds and consequently pension funds. But speaking at the 32nd CIMG President’s Ball and induction of new members, Dr. Kasser-Tee, said bringing the economy back to its feet should be the major concern of all and sundry. “Many professional associations have publicly declared on behalf of their…

09 Dec

Debt Exchange: Policy Will Collapse Insurance Industry – Seth Aklatsi

wontumionlineBusinessDebt exchange programme, Ghana Insurers Association, Seth Aklatsi

President of the Ghana Insurers Association, Seth Aklatsi, says the government’s debt exchange programme as proposed by the Finance Minister, threatens to entirely collapse the insurance industry in Ghana. The programme, which was announced by Finance Minister, Ken Ofori-Atta will result in a slash in interest payments for domestic bondholders to zero percent in 2023 and five percent in 2024. Again, existing domestic bonds as of December 1, 2022, will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037 – all in a bid to restore the nation’s capacity to service its debt.…

08 Dec

Economy Is In Crisis, We Need Debt Exchange Programme To Get IMF Staff-Level Agreement – Abena Osei Asare

wontumionlineBusinessAbena Osei Asare, Debt exchange programme, imf, staff-level agreement

A Deputy Finance Minister, Abena Osei Asare, has stated that Ghana needs the Debt Exchange Programme to proceed to the next stage of negotiations with the International Monetary Fund (IMF). According to her, a successful execution of the programme is key to securing the programme. Speaking at a Post Budget Forum organised by auditing and accounting firm, Deloitte Ghana, she urged all investors to participate in the programme. “The economy is in crisis and we know it’s a difficult time for us. For us to get to the next stage of the IMF programme we need the debt exchange program…

07 Dec

Focus On Reducing Debt To 60% Of GDP – Deloitte Ghana To Government

wontumionlineBusiness2023 Budget, Debt exchange programme, deloitte ghana, Domestic debt, sustainable debt levels

Auditing and accounting firm, Deloitte Ghana, is urging the government to focus on reducing the total debt to Gross Domestic Product ratio to below 60% in the medium to long term. This is considered the threshold for sustainable debt levels. In its review of the 2023 Budget, it expressed worry about the rising domestic debt. The government launched a Debt Exchange Programme on December 5, 2022 to restructure the country’s debt as a prerequisite for an International Monetary Fund programme. This is expected to affect the returns of pension and insurance funds. Deloitte Ghana said whilst government has tended to…

06 Dec

We Reject Debt Exchange Programme; It Will Destroy Savings Of Ghanaians – Pensions Chamber

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The Chamber of Corporate Trustees has rejected the debt exchange programme proposed by the Ministry of Finance. According to the chamber, the proposal put forth by the Minister of Finance, Ken Ofori-Atta, is inferior to market expectation and will destroy the savings of Ghanaians and further undermine market confidence. “We have carefully analysed the announcement by the Minister of Finance on the Debt Exchange Programme and are of the opinion that it is injurious to the interest of contributors to pension schemes”, it said in a statement. “The proposal as put forth by the Minister of Finance is inferior to…

05 Dec

Debt Exchange Programme Is Key Requirement For IMF deal – Ofori-Atta

wontumionlineBusinessDebt exchange programme, imf, Ken Ofori Atta, Minister of Finance

The Minister of Finance, Ken Ofori Atta, has admitted that the launched Debt Exchange Programme is part of a key requirement for the government to get an economic deal from the International Monetary Fund. According to him, the government has no choice but to undertake the debt restructuring programme to put the debt level on a sustainable path. An IMF mission team is presently in the country to continue discussions with the authorities on the country’s post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement. The Finance Minister however…

05 Dec

Proposed Debt Exchange Programme Will Bring Some Confidence Into Economy – Dr. Addison

wontumionlineBusinessAnnual Bankers Dinner, Debt exchange programme, Dr. Ernest Addison, The Governor of the Bank of Ghana

The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed hope that the proposed debt exchange programme to restructure the country’s debt will bring some confidence into the economy as well as enhance the ongoing monetary policy to control inflation. According to him, this has become necessary due to the economic challenges, which many banks are being affected. This has led to high cost of borrowing and doing business in the country. Speaking at the Annual Bankers Dinner in Accra which is part of the Bankers Weeks celebration by the Chartered Institute of Bankers Ghana, Dr. Addison said…

24 Nov

Debt Exchange Programme Is Debt Restructuring – Ato Forson Tells Govt

wontumionlineBusinessAto Forson, Debt exchange programme

Member of Parliament for Ajumako-Enyan-Esiam Cassiel Ato Forson has said the government’s debt exchange programme as captured in the 2023 budget statement is actually debt restructuring that is being embarked on. In the budget statement, the Finance Minister Ken Ofori-Atta said on Thursday November 24 that “despite the heightened debt levels, Government remains committed to ensuring that debt is brought to sustainable levels over the medium to long-term. “To this end, we will implement a debt exchange programme to address the challenges identified in the portfolio in collaboration with all relevant stakeholders including the Ghanaian public, investor community and development partners.” Commenting…