Ghana Finance Minister, Ken Ofori-Atta says the Domestic Debt Exchange will build momentum for the country’s external debt restructuring programme.

According to the Finance Minister address to Parliament on Thursday,” the DDEP was to alleviate the debt burden while minimizing its impact on investors and the financial sector”.

He added that participation in the programme has always been “Voluntary” and has been an intense exercise of balancing compassion with the unavoidable and difficult path to restoring our debt sustainability. As a result, a number of amendments to the terms of the offer have taken place, with the final extension deadline of 7th February 2023 and an administrative extension to 14th February 2023.

Mr. Ofori Atta revealed that various extensions were to allow Government to incorporate the feedback and insights it received from the various stakeholders including the Council of State, the Pension Funds, Organized Labour, the Ghana Association of Bankers, Securities and Exchange.

To conclude Mr. Ofori Atta urged Parliament’s full support of the DDEP which will address the current economic challenges, will impact positively on inflation, exchange rates, interest rates, as well as bring some relief to businesses and families.

“I am confident that the programme government has set out for this year, supported by parliament, will get us out of the economic crisis that has besieged our economy since COVID-19 reached our shores back in March 2020. I am confident that with conclusion of the Domestic Debt Exchange programme we will experience stability in exchange rates, inflation and interest rates – bringing businesses and families some respite, the minister said in his address to parliament on details of the debt exchange programme” He said.