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Debt Restructuring Process Not Completed - Ofori-Atta

Ken Ofori Atta proposed to buy Capital Bank – Former CEO reveals - Happy  Ghana

Ken Ofori-Atta, the finance minister, has emphasized that the government has not yet concluded the processes for debt restructuring with the International Monetary Fund (IMF).

He claims that in order to guide the creation of the program, the IMF and the Government Team are now updating the medium-term macro-fiscal framework.

“We simply have not reached any agreement with the Fund on the parameters of any debt operations as we are in the process of completing the debt sustainability analysis. Government shall continue to actively engage all stakeholders in a clear and transparent manner as we seek to fast-track the IMF negotiation process”, Mr. Ofori-Atta said at a press briefing in Accra on September 28, 2022.

He states that in order to inform the program negotiations, the IMF, World Bank, and the Ghana Team are now conducting a debt sustainability analysis (DSA).

“In addition, the IMF and Government Team are working to update the medium-term macro-fiscal framework to inform IMF programme design,” he maintained.

According to Mr. Ofori-Atta, the government and the IMF Team are also deliberating the policy measures and structural reforms outlined in Ghana's economic programme, which are intended to address the country's economic problems by promoting fiscal and debt sustainability, long-term and inclusive growth, and social protection.

He made the case that Ghana needed a strong domestic financial system to finance its development program, particularly during the program's first three years when access to the international capital market is constrained.

“Everything must, and will be done, to protect our financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors”, he assured.

To increase confidence in the banking industry, Mr. Ofori-Atta vowed that the government will always protect citizens' financial assets.

“This is a Government that protected the savings of 4.6million Ghanaian depositors with the reform of the Banking and financial sector even in our early days. We owe it to the economy and Ghanaians to keep protecting it”.

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