Finance Minister Ken Ofori-Atta has announced that Ghana is embarking on a debt exchange program to ensure that debt levels are brought to sustainable levels.

In an update on the economy, the Minister said this is to ensure that the country moves to ensure the restoration of macroeconomic stability.

He said "The Debt Sustainability Analysis (DSA) demonstrated unequivocally that Ghana’s public debt is unsustainable, and the Government may not be able to fully service its debt down the road if no action is taken."

"Indeed, debt servicing is now absorbing more than half of total government revenues and almost 70% of tax revenues, while our total public debt stock, including that of State-Owned Enterprises and all, exceeds 100% of our GDP. This is why we are today announcing the debt exchange which will help in restoring our capacity to service debt," he added.

See the full statement below