The Minister of Finance, Ken Ofori-Atta has said that the domestic debt exchange programme cannot be scrapped.
He said it is very essential to the economic recovery of the country.
He, however, said the government can amend some of the conditions presented to the individual bond holders.
Speaking on a yet-to-be-aired episode of PM Express Business Edition, Mr Ofori-Atta promised that his outfit will deal with some of the concerns of individual bondholders and pensioners.
He told George Wiafe that “we have a situation where our debt exchange is necessary… we have a situation where we have come out of certain formulations and we have gone ahead to discuss or the financial institutions that way to mitigate that. I think we’ve done that successfully.”
“In the same way we sat with the Union pensions, and I think we are making great progress in what we do for them. In the same way in which we are looking at individual bondholders to see how we can tweak this. Would we lose a bit of what we have? I think all of us are going to. But we have to make sure that what we eventually come up with will create a sustainability,” he explained.
He cited an example with the Zero Coupon for 2023. For the Minister, “that has to change.”
Mr Ofori-Atta said the government is targeting an 80 percent participation in the programme to help the government progress with plans to restructure the crisis-hit economy.
“It is a voluntary programme and the expectation is that we have an 80 percent participation and so, that should be factual for everybody,” Mr Ofori-Atta said.
He also assured that the welfare of Ghanaians will be considered in finalizing the programme.
Pulse
