Ghana has extended the deadline for registering for its domestic debt exchange until 31 January 2023 in order to “secure internal approvals” from the financial sector, according to the Ministry of Finance.
According to the Finance Ministry, the move is intended to strengthen consensus on the debt exchange program.
The government has extended the debt exchange program for the third time in order to build consensus.
In December 2022, Ghana announced a domestic debt exchange program and stated that external restructuring was being negotiated with creditors.
The ministry previously extended the registration deadline for the Domestic Debt Exchange Programme from 19 December 2022 to 30 December 2022, and then again to 16 January 2023.
“Building consensus is key to a successful economic recovery for Ghana. Pending further stakeholder engagement with institutional and individual investors, recently invited to join the debt exchange programme, the government is extending the expiration of the DDE to 31 January 2023,” a tweet from the Office of the Finance Minister said.
In an effort to alleviate the economic crisis, the government has negotiated a staff-level agreement for a US$3 billion loan package from the International Monetary Fund.
The IMF’s board has stated that it will only approve the deal if Ghana undergoes comprehensive debt restructuring.
