Finance Minister, Ken Ofori-Atta has said government is setting up a Financial Stability Fund (FSF) with development partners as part of a domestic debt restructuring programme.
According to him, the Fund will provide liquidity support to banks, pension funds, insurance companies, fund managers, and collective investment schemes to ensure that they are able to meet their obligations to their clients.
Speaking at a press conference to launch Ghana’s debt restructuring programme on December 5, 2022, the Finance Minister said Governor of the Bank of Ghana will follow suit with details of the necessary assistance in due course.
“We have also dialogued extensively with regulators across the Financial Sector including Securities and Exchange Commission (SEC), National Insurance Commission (NIC) and National Pensions Regulatory Authority (NPRA) to agree that regulatory forbearance will be provided to all entities whose financial position is adversely affected by virtue of participating in this exchange,” Ken Ofori-Atta explained.
“This debt exchange provides an orderly way to put our economy back on track. These efforts will be complemented by fiscal measures to protect the neediest and most vulnerable in society,” he added.
Government intends to undertake a Domestic Debt Exchange programme which it believes will restore confidence in the economy and address associated economic challenges.