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FULL TEXT: Ghana announces debt exchange programme.

FULL TEXT: Ghana announces debt exchange programme.
Finance Minister, Ken Ofori-Atta.

Ghana's debt levels would be reduced to sustainable levels via a debt exchange program, according to Finance Minister, Ken Ofori-Atta.

The Minister of Finance explained the rationale for these measures in a recent economic report, saying this will help the nation proceed toward re-establishing macroeconomic stability.

According to him, the results of the Debt Sustainability Analysis (DSA) prove without a reasonable doubt that the Ghanaian government may not be able to afford to fully service its debt at the current pace.

Indeed, debt servicing is now absorbing more than half of total government revenues and almost 70% of tax revenues, while our total public debt stock, including that of State-Ovmed Enterprises and all, exceeds 100% of our GDP.

This is why we are today announcing the debt exchange which will help in restoring our capacity to service debt,” he added.

Also Read: Moody's downgrades Ghana's credit rating from Caa2 to Ca.

Read full statement below:

Source: ghananews.hrforum.uk

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