A Deputy Finance Minister, Abena Osei Asare, has stated that Ghana needs the Debt Exchange Programme to proceed to the next stage of negotiations with the International Monetary Fund (IMF).

According to her, a successful execution of the programme is key to securing the programme.

Speaking at a Post Budget Forum organised by auditing and accounting firm, Deloitte Ghana, she urged all investors to participate in the programme.

“The economy is in crisis and we know it’s a difficult time for us. For us to get to the next stage of the IMF programme we need the debt exchange program to proceed.”

“We are calling on all and sundry to support the government and achieve this which will help our businesses thrive. It’s not easy but we believe within the medium term, Ghana can rise again. It is voluntary but we encourage everyone to partake in this, she said.

She explained that the Finance Ministry is working with other financial regulatory bodies to ensure that individual investors do not lose their monies.

“The various terms will be outlined by our various financial Institutions and they will help us. We are working with the regulatory bodies to make sure nobody loses his/her investments. It is not pleasant but necessary at this point”, he stated.

On his part, the Chief Executive Officer of the Ghana National Chamber of Commerce and Industry, Mark Badu Aboagye entreated government to be more aggressive in its industrialization agenda

“Government may have started its industrialisation agenda but there are certain areas of production we really need to look at. We just have to be more firm in the process to reduce importation of certain materials”, he maintained.

The debt restructuring will see a slash in interest payments for domestic bondholders to zero percent in 2023 and five percent in 2024.

Existing domestic bonds as of December 1, 2022, will also be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037 – all in a bid of restoring the nation’s capacity to service its debt.

Under the programme, however, treasury bills and individual bondholders will not be affected while there will be no ‘haircuts’ on the principal of bonds.