Ghana will implement a debt swap scheme as a result of the country’s unmanageable levels of debt, according to Finance Minister Ken Ofori-Atta.
On November 24, 2022, he announced it while delivering the 2023 budget.
Mr. Speaker, despite the elevated debt levels, the government is still committed to making sure that debt is reduced to manageable levels in the medium to long term, he said.
“To this end, we will implement a debt exchange programme to address the challenges identified in the portfolio in collaboration with all relevant stakeholders including the Ghanaian public, the investor community, and development partners,” he said.
The Minister of Finance, Ken Ofori-Atta, is in parliament to fulfill his constitutional mandate by presenting the government budget to the House.
The presentation is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921).
The minister is presenting the 2023 Budget Statement and Economic Policy to parliament in a year that has experienced perhaps, the worst forms of economic downturns in the fourth republic.
Ken Ofori-Atta has also come under a lot of backlash and pressure from both within and outside his party, the New Patriotic Party (NPP), to either resign or be sacked by President Nana Addo Dankwa Akufo-Addo.