Ghana to exchange domestic debt in effort to restore stability

Ghana will launch a domestic debt exchange on Monday, Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country's worst economic crisis in a generation. "We are confident that these measures will contribute to restoring macroeconomic stability," he said.

Ghana will launch a domestic debt exchange on Monday, Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country's worst economic crisis in a generation. In a video address on Sunday, Ofori-Atta said the government had finished its debt sustainability analysis, but he did not provide any information on its plans for foreign debt that international creditors are anxiously awaiting.

Under the domestic debt exchange, local bonds will be exchanged for new ones maturing in 2027, 2029, 2032 and 2037 and their annual coupon will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. "We are confident that these measures will contribute to restoring macroeconomic stability," he said. (Writing by Alessandra Prentice Editing by Alexander Smith)