Minority MPs file private members’ motion to pass resolution on DDEP

The Minority in Parliament has filed a private members’ motion for a resolution on the Domestic Debt Exchange Programme (DDEP).

The caucus has sent a notice to the Speaker of Parliament requesting that the full government’s debt restructuring proposal be laid before the House by Ken Ofori-Atta, the Minister of Finance, for discussion.

Since government announced the debt restructuring programme, the minority has rejected the government’s debt exchange programme, which aims to reduce the country’s debt to more sustainable levels.

The government exchanged existing bonds for new ones with a more flexible interest payment plan as part of ongoing negotiations with the International Monetary (IMF) Fund to secure $3 billion in economic support for Ghana.

Following an economic downturn and difficulties in servicing its debt, the government implemented the domestic debt exchange programme to give itself more time to meet its fiscal obligations.

The programme has faced stiff opposition from groups and individuals since its announcement.

Without the debt exchange programme, the government warned that the nation’s economy would collapse severely.

Ghana is currently requesting a $3 billion bailout from the IMF to bolster the struggling national economy.

Before the Bretton Woods institution’s board would evaluate Ghana’s request, one of the requirements is the domestic debt restructuring scheme.

A staff-level agreement between Ghana and the IMF was achieved in December, opening the door for the $3 billion rescue.

Earlier, the Finance Minister, Ken Ofori-Atta appeared before Parliament to brief the house on the government’s Domestic Debt Exchange programme.