Finance Minister, Ken Ofori-Atta will be appearing before Parliament to explain the Domestic Debt Exchange Programme (DDEP).[ads2]
The Speaker of Parliament has directed the Business Committee to as soon as possible schedule a meeting with the Finance Minister because the pensioners are picketing at the Ministry.
“Honourable Members, my understanding is that both sides agree that the Minister be scheduled to come and brief the House on the policy statement and some details about the debt arrangement …Parliament has spoken that is the end of the case,” the Speaker said.
“Parliament is ever prepared to assist the government to get out of this quagmire. So, what I can say now is that parliament has spoken and that is the end of it. The Minister must be scheduled by the business committee as early as possible because this is an urgent matter because the pensioners are picketing at the Ministry.[ads3]
“We need to do this as quickly as possible. Business Committee should schedule the Minister to appear before the house for a brief on the state of affairs,” he added.
Meanwhile, President believes a successful implementation of the programme will ensure that Ghana gets the balance of payment support from the International Monetary Fund (IMF) by March 2023.
The deadline for bondholders to sign on the programme was to expire on Tuesday, February 7, 2023.[ads4]
This was an attempt by the government to further engage with stakeholders, especially individual bondholders and for the fourth time extended the deadline for the Programme from January 31 to February 7, 2023, introducing new terms.
Bondholders who are below the age of 59 years will be offered instruments with maximum maturity of five years, instead of 15 years, and a 10% coupon rate; while retirees including those retiring in 2023 will be offered instruments with maximum maturity of five years, instead of 15 years, and a 15% coupon rate.
Government is hoping for an 80% subscription to the programme as it structures domestic debt to achieve 55% debt-to-GDP ratio by 2028, as part of efforts to secure a 3 billion dollar bailout from the IMF.[ads5]
