The debt exchange programme the government is implementing is a requirement for obtaining financial support from the International Fund, according to Ken Ofori-Atta, minister of finance.

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The IMF "serves as a very good catalytic organization to kick in a lot of international and bilateral support," the administration claims.

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Additionally, it stated that the government's policy initiatives to reduce debt to manageable levels include the 2023 budget.

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The start of a debt exchange programme to reduce the nation's high debt levels was announced by the finance minister.

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He said: “the alternative would be a far worse economic crisis, with protracted closure from international markets (including imported goods and services) and further domestic economic instability both for the real economy and the financial sector. It would also mean depleted fiscal resources to support the neediest.”

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He added that the government is expected to reach some level of agreement with the International monetary fund for financial support.

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“We expect to reach a Staff-Level Agreement soon on an IMF programme aimed at restoring macroeconomic stability and protecting the most vulnerable. To this end, as a government, we are determined to implement wide-ranging structural and fiscal reforms to restore fiscal and debt sustainability and support growth,” he said.

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