Ofori-Atta gives Bibical assurance after Domestic Debt Exchange announcement

Minister of Finance on December 4, 2022; announced measures in government’s Domestic Debt Exchange, DDE, as part of Ghana wider debt sustainability at a time Ghana is seeking support from the International Monetary Fund, IMF.

He stated in a four-minute address that the announcement was in line with government’s Debt Sustainability Analysis as contained in the 2023 budget he presented to Parliament on November 24.

The Minister laid out among others the exchange of existing domestic bonds with four new ones as well as their maturity dates and terms of coupon payments.

He also addressed the overarching goal of the government relative to its engagements with the International Monetary Fund as well as measures to minimize impact of domestic bond exchange on different stakeholders.

In the concluding part of his announcement, Ofori-Atta reiterated thus: “These are difficult times and we count on the support of all Ghanaians and the investor community to make the exercise successful.

“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,” he said.

He concluded the address on a Biblical note, saying: “As 1st Samuel 30:19 says, nothing was missing, small or great. I say to you, nothing will be lost, nothing will be missing, and nothing will be broken. We will, together, recover all.

“Thank you and God bless our homeland Ghana.”