The ruling New Patriotic Party (NPP) is calling on Ghanaians to support the government’s Domestic Debt Exchange Program (DDEP) to turn around the economy crisis.
NPP’s Communications Director, Richard Ahiagbah, speaking to the press on Wednesday, February 8, 2023, said that if the government’s debt swap program is successful, it will be able to stabilize the macro economy.
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“The government has acknowledged the difficulties of this inevitable debt operation necessary to bring our debts to sustainable levels. This acknowledgment by the government is reflected in its willingness to engage and accommodate the proposals that have come from the various stakeholders,”he said.
Mr Richard added that, “In addition, the government’s target of addressing fiscal consolidation and enhanced revenue generation measures and ensure that the economy stabilizes quickly.”
However, a deputy finance minister, Abena Osei Asare, said the debt swap program has so far reached 50% participation.
In an interview on Accra-Citi FM, she said the government hopes to achieve an 80% participation rate in the domestic debt swap scheme.
“As of yesterday, when we decided to extend and grant that administrative window, we had done above 50 percent,” she stated.
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She added that the government hopes that many bondholders who were unable to file their documents on Tuesday will complete the process by the new deadline on Friday.
On Tuesday, February 7, 2023, the government extended the time for bondholders to complete the bidding processes under the controversial domestic debt swap scheme.
The deadline to apply for the program expired on Tuesday, February 7, 2023, but the government, in a late-night press release, said some bondholders are experiencing “technical problems when they try to complete the bidding process online”, hence the window to allow these people to complete the process.
