IMF fingerprints all over the 2023 budget and debt exchange programme – Kwakye
He added “Existing domestic bonds as of 1st December will be exchanged for a set of four new bonds maturing in 2027, 2029, and 2037.”
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The Director of Research at the Institute of Economic Affairs (IEA) Dr John Kwakye has insinuated that the International Monetary Fund (IMF) may have influenced the way the 2023 budget statement was structured and also the debt exchange programme.
This follows the official announcement of the Domestic Debt Exchange programme introduced by the government in the 2023 budget, by the Finance Minister Ken Ofori-Atta at a press conference in Accra on Sunday December 4.
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The launch of the programme is today Monday December 5.
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Under the programme, he said, ” domestic bond holders will be asked to exchange their instruments for new ones.”
He added “Existing domestic bonds as of 1st December will be exchanged for a set of four new bonds maturing in 2027, 2029, and 2037.”
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The annual coupons on all of these bonds will be set at 0 % in 2023, 5% in 2024 and 10% from 2025 until maturity.
“Coupon payments will be semi annual ‘ he stressed.
Commenting on this in a tweet, Dr John Kwakye said “IMF’s fingerprints are all over the 2023 Budget and the debt exchange presented by the Minister.”
He added ”
Source: 3news.com|Ghana
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