The DSA will clearly determine the country’s total debt and outline measures that the government must take to return the debt to a sustainable level.
“The debt analysis has been completed and the details will be announced soon,” Mr Oppong Nkrumah who is also lawmaker for Ofoasi-Ayirebi said in an interview with 3news.
Africa’s second top gold producer is seeking to raise about $3 billion in funding from the IMF for balance of payment support and regain access to the capital market.
However, the over GH¢400 million ($38 billion) of debt has been deemed unsustainable, compelling the government to restructure the liabilities in order to secure assistance from the Washington-based lender.
Speculations about the debt readjustment and possible losses for bondholders have sparked sharp sell-offs of government assets and panic withdrawals on the capital market.
This has caused the Cedi to slump by more than 55% against the dollar this year, fanning inflation (37.2% in September) which has remained above the central bank’s target band for 15 consecutive months.
But Ghana’s President, Nana Addo Dankwa Akufo-Addo, assured investors that the planned debt restructuring will not result in a haircut.
“I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations,” he said in a televised address to the nation on Sunday October 30.
In a statement published Monday, the Finance Ministry said both the government and IMF are committed to agreeing on a framework and policies for a programme “as soon as feasible.”
