Dr Theo Acheampong, a UK-based international petroleum economist has applauded the government for how it concluded agreement with local bondholders regarding the domestic debt exchange programme.
The government said a total of GHC82.99 billion in principal was tendered and accepted at the close of the Domestic Debt Exchange Programme (DDEP) last Friday.
The approximately, GHS83 billion, it said was a substantial majority of the bonds that eligible holders had tendered and would support the government to implement its measures to take Ghana out of the current economic crisis.
Acheampong said the development is positive.
He is optimistic the successful conclusion of the programme with domestic bondholders will pave way for a smooth negotiation with external bondholders.
Appearing on the Asaase Breakfast Show on Wednesday (15 February), Acheampong said the development may lead to the final approval of an IMF programme for Ghana.
“The conclusion of the domestic debt restructuring is very positive and gives us a strong upper hand to go into the external debt restructuring negotiation,” he said.
“Some will argue that if your locals accepted these hefty losses to the tune of an estimate of 40 to 50%, then they should also prepare to accept similar terms…, so I think it really gives us a very strong hand going into negotiation with external creditors.
“And also in the coming weeks, most likely we will get the approval of the International Monetary Fund (IMF) programme, that will come with initial funding to stabilise the cedi and the economy overall,” Acheampong added.
Listen to Dr Theo Acheampong in the attached audio clip:
Reporting by Fred Dzakpata in Accra
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