DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

The Finance Minister, Ken Ofori Atta, has warned that non-participation in the Domestic Debt Exchange Programme by individual bondholders will prolong the efforts by the government to revive the economy.

Addressing the nation on Monday, February 6, Mr Ofori-Atta said “frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis. In addition, the prospects of international financial support and other financial assurances would be jeopardized. This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy.”

He added, “What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods.”

The Finance Minister also hinted that there would be no more extensions for individual bondholders to participate in the debt exchange programme after three previous extensions.

The deadline for participation in the programme has been set for Tuesday, February 7, 2023.

“Tomorrow is the final deadline for this programme, and we are hopeful that all domestic investors will participate. Let me restate that, as a government, our singular motivation for taking this rather difficult road is to restore macroeconomic 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.

“Considering the importance of a sustained economic recovery backed by an approved IMF programme in the first quarter 2023, 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.”