Finance Minister, Ken Ofori-Atta, has revealed that the country's economy will crash in March 2023 should current economic conditions remain the same.

Mr Ofori-Atta disclosed the information on Monday when he engaged Pensioner bondholders who picketed at the Finance Ministry today.

According to the Finance Minister, Ghana is "in a crisis, (and) we cannot put our heads under the sun and pretend that we are not."

“We need to be mindful that we really need to be successful in going to the fund by this March to avoid what we all experienced last year which we all don’t want to experience again," he added.

Ghana since the beginning of 2022 began witnessing its economic growth decline. The regression has been attributed to the COVID-19 pandemic and the Russian-Ukraine war, as well as some internal activities such as heavy importation.

In July 2022, government formally engaged the International Monetary Fund (IMF) after months of declining suggestions to seek assistance from the Fund.

For close to eight months, the government and the IMF have been discussing initiatives that must be put in place to ensure Ghana receives a credit facility worth 3 billion dollars.

Among the conditions is a debt restructuring programme which would ensure Ghana does not default is debt. Government in December introduced the Domestic Debt Exchange Programme (DDEP), however is yet to see its implementation.

The DDEP is currently being analsyed critically following concerns from pension holders and individual bondholders.

Government is concerned that without its debt exchange programme in place, Ghana would not be able to receive assistance from the IMF.

Source: The Independent Ghana