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The EIU expects the exchange-rate weakness to continue into 2023, albeit to a lesser degree.

The analyst explains that, Ken Ofori-Atta has done two turnarounds in less than a week on the structure and procedure for the debt exchange.  

However, the Finance Minister, Ken Ofori-Atta, says the government will put in place stronger foundations in 2023 to change the country’s economy for the better.

But the former National Petroleum Authority boss has described the deal as a ‘zero sum game’.

According BoG, the fiscal data shows that both revenues and expenditure outturns for the first nine months of 2022 fell short of their respective targets.

The exemption was announced after a meeting between the Government of Ghana (GoG) represented by the Ministry of Finance, Ministry of National Security and the Ministry of Employment and Labour Relations, on one hand and Organised Labour/Associations, on the other hand.

The government is targeting to achieve a debt-to-Gross Domestic Product, (GDP), ratio of 55% by 2028 despite the exemption of pension funds from the debt exchange programme.

Precisely, between 10th and 12th of January, the first consignment of the finished product is going to arrive in this country coming from the United Arab Emirates. All the necessary agreements needed have been executed.

According to the governor of the BoG, Dr Ernest Addison, “the country has fundamental issues that we have to address such as fiscal problems, very large deficits which is not getting the adequate financing and therefore central bank was providing the financing on a temporary basis. Hopefully by the end of this year, that would not be there to complicate the inflation management issue”.

According to him, the move is subject to the board’s approval, with the expectation that the assignment of interest will be completed by the end of the year.