President Akufo-Addo has described Domestic Debt Exchange Programme as a necessary evil if the government is to revive the economy.
He maintained that the economy faced struggles due to the outbreak of the COVID-19 pandemic and the Russia-Ukraine war that broke out on 24 February 2022.
He has therefore asked Ghanaians to be patient with his administration as it restructures the country’s debt through DDEP, announced last year by the Finance Minister, Ken Ofori-Atta.
President Akufo-Addo made this call as he addressed a delegation of paramount chiefs from the Western Region, paying a courtesy call on him at Jubilee House in Accra today, 30 January 2023.
The president assured the chiefs that his government is working hard to secure a board-level agreement with the International Monetary Fund on a financing plan.
He also indicated that capital projects would not stall when the government does finally secure IMF funding.
He admitted that some projects are experiencing funding delays of some sort, due largely to the economic climate and Ghana’s negotiations with the IMF.
“Please be patient with my administration and know that the restructuring of our debts, both domestic and international, is aimed at securing the economic future of the country. If we do not do it now, it will bring our nation enormous challenges in the not-so-distant future,” President Akufo-Addo said.
“There will be some temporary delays [with ongoing capital projects] while we negotiate with the IMF, which is what we are experiencing now.
“But at the end of the day, we will get an arrangement that allows us to continue the projects,” he said.
The delegation led by the Nsein Omanhen also included Awulae Annor Adjaye III, Omanhen of West Nzema; Awulae Angama Tu-Agyan II, Omanhen of Gwira; and Awulae Attibrukusu III, Omanhen of Lower Axim.
The other chiefs present were Nana Kwesi Agyeman IX, Omanhen of Lower Dixcove; Osabirma Kwaw Entsie II, Omanhen of Mpohor; Tetrete Okuuamoah Sekyim II, Omanhen of West Amenfi; and Nana Kwabena Nketsia V, Omanhen of Essikado.
Four MPs from the Western Region were also present at the meeting. They include Andrew Egyapa Mercer, the MP for Sekondi and deputy energy minister; Dr Prince Hamid Armah, the MP for Kwesimintsim and former head of the National Council for Curriculum and Assessment (NaCCA); John Abari Sanie, the MP for Mpohor; and Samuel Erickson Abakah, MP for Shama.
By: Rainbowradioonline.com/Ghana
