Finance Minister Ken Ofori-Atta has stated that if the expected target of the Domestic Debt Exchange Programme (DDEP) had not been met, it would have caused significant disruption in the servicing of our national debt and exacerbated the current economic crisis.
In the most recent programme update, the Minister stated that it exceeded the expected 80% target.
According to the statement, the exchange programme is being implemented to protect Ghana’s economy, which is currently in crisis.
He said Ghana was closer to securing an IMF programme because the target was exceeded.
”The DDEP is being done to help protect the economy and enhance our capacity to service our public debts effectively. The alternative of not executing the DDEP would have brought grave disorder in the serving of our national debt and exacerbated the current economic crisis. The government is, therefore grateful for the overwhelming participation of all bondholders. Your support and contributions have gotten your country much closer to securing the IMF programme.”