Ghanaians could be curious about the state of the economy when the debt exchange program is finished.

The debt exchange program was made public by the Finance Ministry, inviting bondholders to trade in existing bonds for new ones with later maturities.

The government said that the country's high debt level made this essential.

While answering some frequently asked questions on the debt exchange programme, the government said “Once the domestic debt exchange is successfully completed, and as progress is made on securing international financial support, the government will benefit from macroeconomic stability, larger fiscal space, and new affordable debt service obligations. The associated risks and discount factors are expected to then go back to reasonable levels, close to one-digit territory.

“As such, the new bonds are expected to ensure the maximum recovery possible for the domestic financial sector under our very constrained fiscal and debt situation,” it added.

However, spelling out the modalities of the programme during its announcement, the government noted that individual bondholders were excluded from the programme.

Also, the government strongly discouraged Eligible Holders from making partial Offers, noting that, the government shall, in its sole discretion, determine whether to accept or reject any partial Offers (i.e., Offers made by an Eligible Holder in respect of less than their/its entire holding of Eligible Bonds).

“In fact, by tendering their Eligible Bonds, Eligible Holders represent and warrant that such Eligible Bonds constitute all the Eligible Bonds beneficially owned by them,” the ministry added.