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    Joe Jackson
    Joe Jackson

    Local News

    Ghana Will face a doomsday scenario if debt restructuring is not completed by January, according to one analyst.

    In the event that the government does not conclude its debt restructuring discussions and strategy by the end of January this year, financial analyst Joe Jackson has projected a grave economic situation.

    He said that a delay in the conclusion of the discussions would only increase the gloom and uncertainty facing the economy, which is now looking for IMF support after lately missing payments on its foreign debt.

    The Director of Business Operations of Dalex Finance urged the government to move quickly with its negotiations to implement the domestic debt swap scheme as outlined in an interview with Accra-based Citi FM.Dalex Finance’s Director of Business Operations urged the government to move quickly with its negotiations so that the domestic debt swap scheme may be implemented as planned.

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    “In my opinion, it should have been handled by the end of this month [January], and it is difficult to fathom moving into February without this issue being fixed.”

    Regarding the local currency’s most recent advances against the main trading currencies, Joe Jackson said the development has subsequently helped investors feel more at ease on the global market.

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    “Because there is hope that the IMF would step in and offer some stability, the markets haven’t punished Ghana as harshly as they could have.

    But after that, we must engage in voluntary negotiations with each of the constituencies we are asking to get a haircut. We are therefore treading a fine line and need to make a decision quickly.

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    There isn’t really a lot of time, in my opinion.” cites him.

    The deadline to start the Finance Ministry’s domestic debt exchange scheme has been extended to January 16, 2023.

    This has changed since the program’s initial launch date of December 16, 2022. The Ministry clarified that the delay was necessary to “obtain internal clearances” from significant players in the banking industry in a statement about the situation.

    Check out some video below;

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