Business

There’s no going back on the debt exchange programme – John Kumah

He claimed that despite the labor front’s opposition to the program, it is something the nation must implement in order to regain macroeconomic stability.

According to Kumah, Ghana needs the debt swap program to prevent an economic collapse when speaking on Asaase Radio.

“It’s a really challenging situation, but the institutions must understand that a solid macroeconomic environment is necessary for the success of their bonds and interests.”

And in order to revive it [the economy], we must go through this brief period. So, regrettably, it’s the cost we all must bear in order to maintain a functional and robust bond market for the time being. said Kumah.

The government has already engaged direct bondholders and would continue to do so on the program, the deputy finance minister stated.

The unions and associations argue that they have tracked their pensions through the pension fund; it is not the pension funds’ [managers] themselves who are protesting. These institutions are not direct bondholders. Therefore, we have spoken with direct bondholders extensively; nonetheless, we will continue to engage with indirect bondholders who are concerned about their investments, he stated.

The government has established a financial stability fund, which will continue to give financial support to institutions that may require it, including pension funds, Kumah continued.

In keeping with the government’s efforts to restructure debt and restart the economy, Finance Minister Ken Ofori-Atta introduced the debt swap scheme on Monday, December 5.

During the launch, Ofori-Atta noted, “This debt exchange gives an orderly means to put our economy back on track.”

Related Articles

Leave a Reply

Check Also
Close
Back to top button
%d bloggers like this:

Adblock Detected

Please consider supporting us by disabling your ad blocker