The Parliamentary Minority has introduced a private members’ motion for a resolution on the Domestic Debt Exchange Programme (DDEP).
The caucus has written to the Speaker of Parliament requesting that Ken Ofori-Atta, the Minister of Finance, lay the full government’s debt restructuring proposal before the House for discussion.
The minority has rejected the government’s debt exchange program, which aims to reduce the country’s debt to more sustainable levels, since it was announced.
As part of ongoing negotiations with the International Monetary Fund (IMF) to secure $3 billion in economic support for Ghana, the government exchanged existing bonds for new ones with more flexible interest payment plans.
Following an economic downturn and difficulties with debt servicing, the government implemented the domestic debt exchange program to give itself more time to meet its fiscal obligations.
Since its announcement, the program has faced stiff opposition from various groups and individuals.
The government warned that without the debt exchange program, the country’s economy would suffer a severe collapse.
Ghana is currently requesting a $3 billion bailout from the IMF to help the country’s struggling economy.
One of the requirements for the Bretton Woods institution’s board to evaluate Ghana’s request is the domestic debt restructuring scheme.
In December, Ghana and the IMF reached a staff-level agreement, paving the way for the $3 billion rescue.
Earlier, Finance Minister Ken Ofori-Atta testified before Parliament about the government’s Domestic Debt Exchange program.
