IN THE REPORTS

A mounting pile: Ghana’s precarious public finances

While delivering the much anticipated 2023 budget, Ghana’s Finance Minister, Ken Ofori-Atta, unmasked the nature of Ghana’s debt portfolio, saying the country is finding it difficult to carry a debt burden worth $48.9 billion as of September 2022. Debt restructuring is the only gateway to access the projected $3 billion IMF bailout package. Barely five days after Ofori-Atta confirmed the debt operation exercise, international credit rating agency Moody's dropped Ghana’s long-term sovereign bonds ratings. On 4 December 2022, the government finally announced a debt operation exercise called “Domestic Debt Exchange”, which outlined the nature of debt restructuring for domestic creditors. The Finance Minister indicated that domestic bondholders would be asked to exchange their instruments for new ones under the programme. However, the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups, will be minimised; hence treasury bill holders will be paid the full value of their investments on maturity. 20 years after Ghana received a total relief of approximately US$3.7 billion, equivalent to US$ 2.2 billion in Net Present Value terms, from all its creditors, it is back in the IMF ‘programmes market’ hoping to shop for another bailout packet ...
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REPORTS

A mounting pile: Ghana’s precarious public finances

While delivering the much anticipated 2023 budget, Ghana’s Finance Minister, ...
Read More
/ Analysis, Reports

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