Let's support govt's debt exchange programme to save the economy — NPP to Ghanaians

The New Patriotic Party (NPP) is appealing to Ghanaians to support the government's Domestic Debt Exchange Programme (DDEP) in order to save the economy.

Richard Ahiagbah

The Director of Communications of the NPP, Richard Ahiagbah, addressing the press on Wednesday, February 8, 2023, said if the government's debt exchange programme succeeds, it will be able to achieve macroeconomic stability.

He said "The government has acknowledged the difficulties of this inevitable debt operation necessary to bring our debts to sustainable levels. This acknowledgment by the government is reflected in its willingness to engage and accommodate the proposals that have come from the various stakeholders."

"In addition, the government's target of addressing fiscal consolidation and enhanced revenue generation measures and ensure that the economy stabilizes quickly," he added.

However, a deputy Finance Minister, Abena Osei Asare has indicated that the Debt Exchange Programme has achieved 50% participation so far.

In an interview on Accra-Citi FM, she said the government hopes to achieve 80% participation in the domestic debt exchange programme.

"As of yesterday, when we decided to extend and grant that administrative window, we had done above 50 percent," she stated.

She further stated that the government was very hopeful that more bondholders who were unable to tender their documents on Tuesday will complete the process before the new Friday deadline.

The government on Tuesday, February 7, 2023, extended the window for bondholders to complete tender processes as part of the controversial domestic debt exchange programme.

The deadline for signing up for the programme expired on Tuesday, February 7, 2023, but the government in a late-night press statement said some of the bondholders faced "technical glitches as they tried to complete the online tender process" hence the window to enable such persons to complete the process.

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