Ghanaians are being asked to support the government's Domestic Debt Exchange Programme (DDEP) in order to salvage the economy, according to the ruling New Patriotic Party (NPP).
If the DDEP is effective, the government will be able to establish macroeconomic stability, according to the party.
Following certain technological challenges, the Finance Ministry has extended the administrative window for people and institutions to sign up for the program through Friday, February 10, 2023.
During a press conference in Accra, Richard Ahiagbah, Director of Communications for the NPP, stated that the government should be supported.
"The administration has acknowledged the hardships of this essential debt operation necessary to lower our indebtedness to reasonable levels. The government's recognition is demonstrated in its openness to work with and accommodate the many stakeholders' suggestions. Furthermore, the government's goal of tackling budgetary consolidation and increased revenue generating measures, as well as ensuring that the economy stabilizes rapidly."
According to Deputy Finance Minister Abena Osei Asare, the government has secured around half of its planned 80 percent participation rate for bondholders to sign up for the Domestic Debt Exchange Programme (DDEP).
"We had done more than 50% when we decided to prolong and provide that administrative window," Osei Asare told Bernard Avle on Wednesday, February 8.
The government is confident that additional bondholders who were unable to offer their paperwork would finish the procedure by the revised deadline, according to the Deputy Finance Minister.
The government extended the deadline for bondholders to complete tender processes as part of the contentious domestic debt swap scheme on Tuesday.
The deadline for signing up for the program expired on Tuesday, February 7, 2023, but the government said in a late-night press statement that some bondholders experienced "technical glitches as they attempted to complete the online tender process," thus the window to allow such people to complete the process.
It has thus allowed such individuals three days to do so.
The deputy Finance Minister stressed that the administration must complete the program in order to finalize negotiations with the International Monetary Fund (IMF) for the much-needed bailout in March.
The Speaker of Parliament, Alban Bagbin, has asked the House Business Committee to call Finance Minister Ken Ofori-Atta to provide an update on the government's domestic debt swap scheme.
This follows the Minority's request for policy specifics on the program in response to pensioners' picketing at the Finance Ministry to demand exemption from the exercise.