According to Professor Lord Mensah, an economist and finance lecturer at the University of Ghana, the government has other sources of income that could allow for the exclusion of pension funds from the debt swap program.

He contends that the government may reduce spending in other ways that won't interfere with its goals for debt sustainability.

"The government should have no trouble cutting roughly 41 billion from pension funds to pay interest.This is due to the fact that there is still a way out; the government can realign and change some of the budget lines to make room for this exception, he told myjoyonline.com.

Government and Organised Labour have reached an agreement to exempt pension funds from the debt exchange programme after several agitations.

However, despite growing concerns that external bondholders may make similar demands, Prof. lord Mensah noted that the conditions are different.

“These investors are long-term in nature, and they will not be responding immediately to some of these measures that the government is undertaking,” he said.

The finance ministry announced the extension of the expiration date of the invitation date for the Voluntary Domestic Debt Exchange to Monday, January 16, 2023 (at 1600 hours).

The Settlement Date for the Invitation is now expected to occur on Tuesday, January 24, 2023, “or as soon as practicable thereafter, but no later than the Longstop Date which is now scheduled for Tuesday, January 31, 2023, unless further extended by the Government pursuant to the Invitation,” a press release from the Finance Ministry stated.

“The announcement Date is now expected to occur on or about 17th January 2023″.

The previous deadline for the invitation was set for Friday, December 30, following the extension of the original deadline of Monday, December 19.