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Domestic Debt Exchange successfully completed, giving much-needed breathing space – Finance Ministry



The Ministry of Finance has said that Ghana’s macroeconomic environment is stabilizing in line with the macro framework parameters.

The Ministry indicated that Ghana’s growth is higher than expected, with inflation outlook on a reducing trend. The exchange rate has also stabilized over the last few months, it added.

“The Government remains committed to a bold reform agenda going forward,” the Ministry stated in the Ghana-Investor presentation dated October 16.

In the area of the Domestic Debt Exchange Programme (DDEP), the Ministry said the programme has been successfully completed, providing much-needed breathing space.

The success of the programme, according to the Finance Ministry, illustrates the commitment of the Ghanaian people to contribute to the Government’s effort to restore debt sustainability.

“All exchanges of domestic marketable debt planned as part of the DDEP are completed and no further exchanges of domestic marketable debt is being considered,” it said.

Meanwhile, the sector minister, Mr Ofori-Atta has given an assurance that the government would stay true to the programme with the International Monetary Fund (IMF) and the 2024 budget.

“Ahead of the 2024 election year, let me assure you that we are committed to implementing the IMF-supported PC-PEG as planned, and this is what our constituents expect from us,” he stated at a meeting in London on Monday, with holders of Ghana’s international bonds.

“This will help us further support the strong economic recovery,” the Finance Minister added.

He said having been deeply impacted by the crisis of last year, Ghanaians now expected the government to deliver macroeconomic stability, a swift return to low inflation and a sustained stabilisation of the value of the cedi; and not an increase in public spending.

“This is completely in line with the successful implementation of our IMF programme,” Mr Ofori-Atta stated.

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