Ghana will launch a domestic debt exchange on Monday, its Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country's worst economic crisis in a generation.
Ofori-Atta said in a video address on Sunday that Ghana's government had finished its debt sustainability analysis, but he did not provide any information on plans for foreign debt that are anxiously awaited by international creditors.
The government is in talks with the International Monetary Fund for a support programme to relieve its debt distress. "It should ... reinforce expectations that Ghana is on its way to an IMF staff-level agreement. We expect the Ghana cedi to benefit as a result," said Razia Khan, Chief Africa Economist at Standard Chartered.
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