Ghana to Swap Domestic Debt in Fight to Regain Economic Stability

Ghana will launch a domestic debt exchange on Monday, its Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country's worst economic crisis in a generation, Reuters reported. Ofori-Atta said in a video address on Sunday that Ghana's government had finished its debt sustainability analysis, but he did not provide any information on plans for foreign debt that are anxiously awaited by international creditors. "We are confident that these measures will contribute to restoring macroeconomic stability," he said. Under the domestic debt exchange, local bonds will be exchanged for new ones maturing in 2027, 2029, 2032 and 2037 and their annual coupon will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. The government is in talks with the International Monetary Fund for a support programme to relieve its debt distress. Read more.
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