Mr. Ofori-Atta claimed that the DEP was a requirement for the government to receive any kind of financial assistance from the Fund.
He added that in order to put the debt level on a sustainable path, the government has no choice but to implement the debt restructuring program.
Speaking to reporters in Accra, the minister assured them that the beginning of the domestic debt operations wouldn’t result in any losses for specific bondholders.
In order to lessen the program’s impact on the participants in the banking sector, Mr. Ofori-Atta also gave them assurances from the government.
An IMF mission team is presently in the country to continue discussions with the authorities on the country’s post-COVID programme for economic growth and associated policies and reforms that could be supported by a new IMF lending arrangement.
Ghana is asking the IMF for an economic program to help it with its finance and other problems with the balance of payments.
The government has undertaken a debt sustainability analysis as part of the agreement, and the results show that the country’s debt level, which topped 100% of GDP, is unsustainable, necessitating such action.
To prevent the negative effects on the financial sector and other areas of the economy, there are already calls for the government to offer a road map.
The World Bank and other development partners are on board to support the government in this regard, the Financial Minister noted.