The Ministry of Finance has firmly dismissed recent reports circulating in the media that claim the government is engaging in debt restructuring discussions with private banks and local contractors.
According to the Ministry, these claims are entirely unfounded and misleading.
In an official statement issued by the Public Relations Unit, the Ministry clarified that no such restructuring has been contemplated, either during or after the completion of the Domestic Debt Exchange Programme (DDEP), which began in December 2022 and concluded in October 2023.
The Ministry explained that during a Monthly Press Briefing on the Economy held on August 29, 2024, a question regarding external commercial debt restructuring was misconstrued to imply that local contractors’ payments were also subject to restructuring.
However, the Ministry emphasized that debt restructuring pertains solely to Ghana's stock of debt, including loans and bonds, and does not apply to payment obligations to domestic contractors.
“Domestic contractors' liabilities are payment claims, not loans or bonds, and are therefore not eligible for restructuring under any circumstances,” the statement read.
The Ministry also highlighted that no discussions or engagements have taken place with contractors regarding debt restructuring, a fact corroborated by contractors themselves in a recent interview with JoyNews.
The Ministry further noted that the completed DDEP covered only domestic bonds held by the Central Bank, Pension Funds, and retail debt investors, with no impact on contractors’ payments.
Looking ahead, the Ministry detailed the progress made in restructuring external debt, including the successful completion of a Memorandum of Understanding (MOU) with the Official Creditor Committee under the G20 Common Framework, the launch of the Consent and Exchange Solicitation process for Eurobond debt, and ongoing engagements with external commercial creditors.
The Ministry urged the public to disregard the misleading reports and continue supporting the government's efforts to stabilize the economy through responsible debt management.
Story by: Joshua Kwabena Smith
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