Ken Ofori-Atta, the Finance Minister of Ghana has hinted that non-participation in the Domestic Debt Exchange Program will cause more harm to our current economy.
He made this statement on February 6, 2023 when he updated Ghanaians on some measures the government is putting in place to stabilize the economy and also on the DDEP. The DDEP was launched on December 5,2022 by the government as of a broader response to the recent economic challenges.
According to him, the DDEP is a very critical to the government securing $3 billion from the IMF. The government was expecting that the DDEP would have been concluded by the end of January but this expectation was not met due to some challenges and concerns.
The minister indicated that any non-participation or lower-than-expected turnout for the DDEP will lengthen the efforts by the government to resolve the current economic challenges. He also added that this will also jeopardize any hope of getting international support and financial assurance. He furthered that the motive for taking this difficult road is to restore macroeconomic stability and to get our economy back on track.
He announced that February 7, 2023 is the final deadline for all stakeholders to sign up to the DDEP. He therefore urged all individual bondholders and organizations to sign up to the program. Mr. Ofori-Atta encouraged Ghanaians that the DDEP will ensure economic recovery, stability and transformational growth.
The minister furthered that the government has taken some measures to ensure that the sacrifices of bondholders will pay off. He urged everybody to play their individual roles to help the economy.
Mr. Ofori-Atta concluded by quoting Proverbs 23:18 that there’s a future and our hope will not be cut off. He added that we are in difficult times but if we help ourselves we can emerge from this economic crisis. “Boa me na men boa wo”, he noted.