The government says not executing the domestic debt exchange programme would have brought “grave disorder” in its ability to service the country’s ballooning national debt and exacerbated the current economic crisis.

“The domestic debt exchange programme is being done to help protect the economy and enhance our capacity to service our public debts effectively,” the government in a statement thanking Ghanaians for their support during the torturous DDEP consultation.

The government closed the Domestic Debt Exchange Programme with over 80 percent participation of eligible bondholders.

The programme, which was voluntary, seeks to tackle the current economic crisis, bring back macroeconomic stability and guarantee sustainable growth.

This comes after five deadline extensions as various groups sought exemptions or improved terms to participate.

Announcing the development today, Tuesday February 14, the finance ministry reassured individual bondholders who decided not to participate in the programme that their coupon payments and maturing principals, like all government bonds, “will be honoured in line with government fiscal commitments.”

“The government is, therefore, grateful for the overwhelming participation of all bondholders. Your support and contributions have gotten your country much closer to securing the IMF programme.”

The programme is part of the requirements before Ghana can secure an economic bailout of about $3 billion from the International Monetary Fund (IMF).