The debt exchange programme recorded over 80% participation – Finance Ministry

According to the Ministry, albeit its controversy, there was an eighty percent participation in the programme.

In a statement copied to the media, the Finance Ministry thanked all bond holders who participated and assured that it will honour its obligations to those who didn’t.

“We would like to stress that, all Individual bondholders, especially our Senior Citizens, should rest assured that their coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government’s Fiscal commitments.”

Following agitations and requests for the exemption of some categories of bonds from the debt exchange programme, government reiterated that signing up for the programme was voluntary.

The debt restructuring programme tagged as the Domestic Debt Exchange Programme forms part of the requirements for the Government of Ghana to secure a $3 billion bailout package from the International Monetary Fund (IMF).

Government said the country’s economic meltdown will be dire without the debt exchange programme.

“The DDEP is being done to help protect the economy and enhance our capacity to service our public debts effectively. The alternative of not executing the DDEP would have brought grave disorder in the servicing of our national debt and exacerbated the current economic crisis. The Government is, therefore, grateful for the overwhelming participation of all bondholders. Your support and contributions have gotten your country much closer to securing the IMF programme,” the Finance Ministry added in the statement.

Government has already secured a staff-level agreement awaiting the IMF Board’s approval.