Ofori Atta, Ghana’s finance minister, has acknowledged the country’s economic woes and is requesting “understanding and help” to restore macroeconomic stability.
In a countrywide broadcast on December 4, Mr. Ofori-Atta promised to rebuild the economy “as soon as feasible.”
“These are difficult times and we count on the support of all Ghanaians and the investor community to make the exercise successful,” he said.
The exercise he talked about was the Domestic Debt Exchange Programme announced in the 2023 budget statement delivered in Parliament on Thursday, November 24.
It is scheduled to be launched Monday, December 5
Under the Programme, domestic bondholders will be asked to exchange their instruments for new ones.
Mr Ofori-Atta explained that “existing domestic bonds as of 1st December will be exchanged for a set of four new bonds maturing in 2027, 2029, and 2037”.
This is part of measures to save the economy from collapse, he said.
“We are confident that these measures will contribute to restoring macroeconomic stability.
“With your understanding and support and that of the entire investor community, we shall overcome our current difficulties and with the help of God, put our economy back on the path of renewed and robust growth.”