Minority MPs file private members’ motion to pass resolution on DDEP

Source The Ghana Report

The Minority Caucus in Parliament has filed a private members’ motion for a resolution on the Domestic Debt Exchange Programme (DDEP).

The caucus requests that the Minister of Finance, Ken Ofori-Atta, lays before the House government’s debt restructuring proposal for discussion.

The programme, since its announcement, has faced huge opposition from labour groups which managed to get pension funds exempted.

Other groups, including the Individual Bondholders Association, have rejected the programme.

The government exchanged existing bonds for new ones with a more flexible interest payment plan as part of ongoing negotiations with the International Monetary (IMF) Fund to secure $3 billion in economic support for Ghana.

In the government’s quest to address the country’s ongoing economic challenges, it launched the programme to invite holders of bonds to voluntarily exchange approximately GH¢137 billion domestic notes and bonds of the Republic, including ESLA and Daakye, for a package of new bonds.

Without the debt exchange programme, the government warned that the nation’s economy would collapse severely. The government has already achieved a staff-level agreement with the IMF, opening the door for the $3 billion rescue.

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