Support government’s debt exchange – NPP appeals to Ghanaians

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

According to the party, if the DDEP becomes successful, the government will be able to achieve macroeconomic stability.

Following some technical difficulties, the Finance Ministry has given till Friday, February 10, 2023, as an administrative window for individuals and institutions to sign up for the programme.

Richard Ahiagbah, Director of Communications for the NPP, during a press conference in Accra, said government should be supported.

“The government has acknowledged the difficulties of this inevitable debt operation necessary to bring our debts to sustainable levels. This acknowledgement 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.”

The government has achieved about 50 percent participation out of its intended 80 percent target for bondholders to sign up to the Domestic Debt Exchange Programme (DDEP), a deputy Finance Minister, Abena Osei Asare has revealed.

“When we decided to extend and grant that administrative window, we had done above 50 percent,” Osei Asare told host Bernard Avle on the Citi Breakfast Show on Wednesday, February 8.

The Deputy Finance Minister added that the government is hopeful that more bondholders who were unable to tender their documents will complete the process before the new deadline.

The government on Tuesday, 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.

It has thus given such persons three days to do that.

The deputy Finance Minister added that the government needs to conclude the programme to be able to conclude engagement with the International Monetary Fund (IMF) in March for the much-needed bailout.

The Speaker of Parliament, Alban Bagbin has directed the Business Committee of the House to summon the Finance Minister, Ken Ofori-Atta to give a briefing on government’s domestic debt exchange programme.

This follows concerns raised by the Minority in demand for policy details on the programme due to the picketing of pensioners at the Finance Ministry to demand exemption from the exercise.