Despite the challenges, the government provided compensation to workers and ensured the continuity of electricity supply, according to Ofori-Atta

During his briefing to Parliament on Thursday, February 16, the Minister of Finance, Ken Ofori-Atta, acknowledged the economic challenges faced by Ghana. However, he also highlighted that the Akufo-Addo administration had been able to provide compensation to workers, maintain the supply of electricity for both domestic and commercial use, and ensure the country’s security amidst heightened and increasing risk.

Ofori-Atta went on to explain that Ghana’s debt situation had been exacerbated by the lingering impact of the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. He also acknowledged that the government had not been able to generate sufficient revenue domestically.

To address these challenges, the government had extended the Settlement Date of the Exchange from February 14, 2023, to February 21, 2023, as part of the Domestic Debt Exchange Programme (DDEP)

According to a statement from the Ministry of Finance on Tuesday, February 14, the government has extended the Settlement Date for the Domestic Debt Exchange Programme from February 14, 2023, to February 21, 2023. The reason for the extension is to allow for a more efficient settlement of the New Bonds

Press release.

The Ministry of Finance has expressed gratitude to all eligible bondholders who voluntarily participated in the Domestic Debt Exchange Programme (DDEP) and helped the country inch closer towards securing a $3 billion extended credit facility (ECF) from the International Monetary Fund (IMF). Despite agitations from some individual bondholders and senior citizens seeking exemption from the Programme, the DDEP closed on Friday, February 10, after multiple deadlines, with over 80% participation.

In a statement issued on Tuesday, February 14, the Ministry of Finance thanked the people of Ghana for their support and forbearance during these difficult times. It emphasized that the DDEP was essential to protect the economy and enhance the country’s ability to service its public debts effectively, as not executing the Programme would have exacerbated the current economic crisis.

The Ministry also assured individual bondholders, particularly pensioners who did not participate in the Programme, that their coupon payments and maturing principals would be honored in line with laid-down rules

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