DDE: Investors given the opportunity to rescind decision to participate in debt programme

By: ignewssDesk

Retail and institutional investors have been offered the opportunity to rescind their decision to participate in the domestic debt restructuring programme by government.

Reports about the possibility of investors reversing their participation in the debt exchange programme was made known by Convener of the Ghana Individual Bondholders Forum, Senyo Hosi.

Mr Hosi made the announcement on his Twitter handle.

Meanwhile, the Ghana Individual Bondholders Forum (IBF) has proposed to government, several fiscal readjustment measures to government expenditure and revenue which it indicates, will ensure revenue savings to the tune of GHS 83.45bn.

The recommended fiscal readjustment measures to government, the IBF notes, will contain the current economic crisis and help the country achieve its debt sustainability goal, a pre-requisite for a $3bn IMF bailout.

Reiterating its position for the exclusion of individual bondholders, the Technical Committee of the IBF in its interaction with government, averred fiscal readjustments can be made in the areas of oil and gas, mining, divestiture of SOEs, property taxes, recovery of funds through financial irregularities, recovery of funds through tax evasion, rationalization of budget of SOEs, among others.

According to the IBF, it believes its fiscal readjustment recommendations are “competent enough” to urgently address the country’s fiscal challenges and enable the country reach its desired 55% debt-to-GDP ratio target as  proposed by the International Monetary Fund.

Source: norvanreports

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