Time running out

Ghana: Debt bottleneck gets tighter as Ofori-Atta strives for reprieve

By Jonas Nyabor

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Posted on January 11, 2023 12:33

© FILE PHOTO: A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, June 15, 2015. REUTERS — FILE PHOTO: A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, June 15, 2015. REUTERS

Time is fast running out for Ken Ofori-Atta to bring down Ghana’s debts to sustainable levels. Currently seeking debt cancellation from creditor nations including the Paris Club, the finance minister faces an uphill task back at home, with fresh protests against his controversial domestic debt exchange programme.

It’s an extremely busy week for Ghana’s financial markets as banks and other institutions scramble through documents ahead of the 16 January deadline to accept or decline the government’s debt exchange programme.

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