Minister of Finance, Mr Ken Ofori Atta has made a passionate appeal to investor groups and individual bondholders to “consider the merit of the enhanced DDEP, as well as the need for economic stability and sign up,” as the deadline for the Domestic Debt Exchange Programme (DDEP) kicks in today.
In an address streamed live on social media, the Minister said, ” we are hopeful that all domestic investors will participate,” adding , considering the importance of a sustained economic recovery backed by an approved IMF programme in the first quarter of 2023, it was crucial for groups and individuals to appreciate the changes made to the original programme and sign up before the deadline elapses.
“Let every Ghanaian be encouraged that the DDEP will bring us to a place of stability, economic recovery and transformational growth. We must do this together,” he urged
Mr Ofori-Atta admitted that “these are difficult times, no doubt,” but appealed, “if we hold on together, we can and we will emerge from this more resilient and more united than before. Then we shall, together, continue rebuilding our economy again; and enable businesses to thrive again; and bring back hope and cheer to our homes again.”
The Minister said the remarkable progress with the on-going International Monetary Fund Programme was a significant boost to the country’s recovery efforts, noting that continuous progress will steer the country further away from the slippery precipice recently faced.
According to him, it was critical that the momentum be sustained.
Through collective hard work and discipline, coupled with the abiding and abundant grace of God, government had been focused on avoiding a full-blown economic crisis.
“What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods,” he said.
He cautioned that non-participation or a lower-than-expected turnout for the DDEP would prolong efforts to resolve the current economic crisis.
In addition, the prospects of international financial support and other financial assurances would be jeopardized.
“This development could further put strain and stress on the government’s capacity to honour key commitments. This is not what we want for our economy,” Mr Ofori Atta pleaded.