Government through the Finance Ministery has announced the suspension of the debt service payments on certain categories of external debts.
The suspension, according to the Ministry, includes Eurobonds, commercial loans and most bilateral debts.
In a statement, the Ministry explained the move is an interim emergency measure pending future agreements with all relevant creditors.
The suspension, however, will not affect the payments of Ghana’s multilateral debts, new debts (whether multilateral or otherwise) contracted after 19th December 2022 or debts related to certain short-term trade facilities.
“We are also evaluating certain specific debts related to projects with the highest socio-economic impact for Ghana which may have to be excluded. This suspension is an interim emergency measure pending future agreements with all relevant creditors,” the statement read in part.
The Finance Minister, Ken Ofori-Atta, on December 5, 2022, launched the Debt Exchange Programme to deal with current economic hardships which affected bonds listed on the Ghana Fixed Income Market.
But on Saturday, the Ministry announced the extension of the Debt Exchange Programme to December 30, 2022.
Deadline for domestic debt exchange extended
You are on your own – John Kumah tells bondholders who reject debt exchange…
Investors may die of shock over Ofori-Atta’s debt exchange programme – Economist
The programme, which was expected to expire on Monday, December 19, 2022, has been extended with a contemplated settlement date of Friday, January 6, 2023.
Below is the full statement: