Ghana extends Home Debt Change deadline for third time

Ghana has for the third time prolonged the deadline of the debt alternate programme to Jan. 31, Finance Minister Ken Ofori-Atta mentioned on Monday.

The extension is to permit the federal government to construct consensus whereas they have interaction with stakeholders establishments and particular person traders.

“Constructing consensus is essential to a profitable financial restoration for Ghana,” Ofori-Atta wrote on Twitter, including that registration for the debt alternate could be prolonged “pending additional stakeholder engagement”.

The crisis-hit nation in December final 12 months launched the debt swap plan by way of the ministry of finance, days earlier than clinching a staff-level settlement with the Worldwide Financial Fund (IMF) for a $3 billion rescue bundle.

The IMF has mentioned its board will approve the deal provided that Ghana undergoes complete debt restructuring.

The deadline for the debt swap, initially set for Dec. 19, had beforehand been prolonged to Dec. 30 after which to Jan.16.

Revisions to the preliminary supply exempted pensioners after a public outcry however later introduced in particular person bondholders who have been initially exempted.

Ghana final week supplied to pay holders of its 2023 bond a 2% money charge in alternate for registering for the alternate, however opposition to the programme has remained pervasive.