DDEP: Government exceeds 80% sign-on – John Kumah
The government has been able to achieve between 80 to 90 per cent sign-on to its Domestic Debt Exchange Programme (DDEP).
A Deputy Minister of Finance, John Kumah announced this on an Accra based radio station in Accra today but however fell short of clarifying which institutions and individuals have actually signed on to the DDEP at a time when agitation still linger and negotiations are ongoing.
The government is expecting to have a minimum of 80 per cent of its domestic bond holders to sign on to the DDEP in order for it to make a case to access the $3 billion balance of payment support from the International Monetary Fund (IMF).
The success of the DDEP is a premise for the government to also engage the international investors holding its bonds to accept a haircut.
The government, with its debt to gross domestic product presently at about 94 per cent , there are growing concerns about its ability to service its debt.
It intends to ensure macroeconomic stability in the medium to long term and believes that the DDEP will help achieve the needed results.
Source: graphic online
