Some Ghana cedi notes
Ghana govment don announce say dem go exclude all pension funds from debt exchange program.
Dis be outcome of meeting between organisms labour, employment ministry, finance ministry plus oda stakeholders.
Both govment and organized labour enta agreement to inaugurate seven member committee wey go sit down, den explore de technical solutions to bring de debt levels of de country to sustainable levels.
Ghana govment introduce de debt exchange program as part of measures to save monies and deal with de economic challenges de country dey go through.
Why govment decide to remove pension funds from debt exchange
One of de main reasons for de move by govment be sake of de impact de indefinite strike go fit have on de economy.
Major labour groups like National Association of Teachers (GNAT) wey dey handle secondary schools, Ghana Medical Association wey dey hospitals, and odas wey include University Teachers Association of Ghana (UTAG), Ghana Registered Nurses and Midwives Association of Ghana, civil service workers among odas.
What dis dey mean be say, doctors and nurses no go report to duty in public hospitals, secondary school teachers no go teach, university teachers go abandon de classroom and public sector workers too go lay down dia tools and dis go affect plenty Ghanaians.
But de impact go bite hard especially on healthcare and education mostly who dey offer major services give most Ghanaians, sake of doctors, nurses and midwives also agree to lay down dia tools.
What be debt exchange programme
Ghana Finance Minister, Ken Ofori Atta announce de launch of de Ghana Domestic Exchange Programme in order to reduce de impact of economic hardship on investors wey dey hold govment bonds.
Existing domestic bonds as of December 1, 2022 go be exchanged for four new bond maturity period.
Under de new debt exchange programme, govment dey ask bondholders to exchange dia instruments for new ones which go mature in 2027, 2029, 2032 Dem 2037.
“De annual coupon on all dis new bonds go dey at 0% in 2023, 5% in 2024 den 10% in 2025 until dem mature” Ken Ofori Atta reveal.
According to de Finance Minister, dis be part of measures to help restore economic confidence in de Ghanaian market.
