In the midst of raging anger amongst bondholders, screaming for their matured coupons, the Finance Minister, Ken Ofori-Atta, has extended the government’s gratitude to bondholders, and financial institutions for their sacrifices during the economic downturn.
During his presentation of the mid-year budget in Parliament on July 31, he further applauded these groups for their contributions which have enabled the government to “turn the corner.”
He also praised the International Monetary Fund (IMF) and other development partners for standing behind the government during its trying times.
“Indeed, our sincere gratitude also goes to all investors, financial institutions and bondholders for the sacrifice, support and forbearance in this difficult period of our country’s economic history. We appreciate your contribution towards “turning the corner’’ and your commitment to partner us in transforming the economy. We must also extend our appreciation to the IMF, the World Bank and other Development Partners as well as the G7 and G20 members who stood so strongly with us,” he expressed appreciation.
The economic crisis experienced in 2020 forced the government to embark on a debt restructuring programme.
The government later sought $3 billion IMF bailout of which the first tranche of $600 million was received by Ghana.
The government on July 14, announced a new Domestic Debt Exchange Programme (DDEP) for US dollar-denominated bonds targeting to exchange US$ 809 million of the denominated notes and bonds.