The Ministry of Finance has stated that it cannot exempt the insurance industry from the Debt Exchange Programme.
The response follows a letter written to the Ministry by the Ghana Insurers Association in December 2022.
The Association called for the exemption of insurance companies from the domestic debt exchange programme.
Minister Ken Ofori-Atta in the statement said “Based on your letter and the feedback from you and other industry associations, the Government, working with its advisors, has made significant enhancements to the terms of the exchange instruments to address key concerns raised about accrued interest and zero coupons for 2023. The government has also improved the commercial terms of the exchange instruments; which details were announced on 24th December 2022.
“In this regard, Government encourages a positive response from the industry to enable us to complete the exercise in the interest of the broader economy. In our meeting…you made it very clear, the peculiar nature of your industry and therefore the forbearance required; an exemption, however, is not an option,” parts of the statement read.