An Economist, Dr Patrick Asuming has said that, government reopening of DDEP shows there are difficulties.
Government has announced that it is reopening the Debt Exchange Program particularly for investors who didn’t sign up in the February program this year.
The Finance Ministry in a statement noted that the opportunity will also cover holders of the ESLA Plc and Daakye Trust.
The Ministry added that government is aware of the number of holders of these bonds who did not participate in the earlier offer on time and therefore was left out
But Dr Asuming indicated that, this is a signal that government has had difficulties in restructuring components of the debt hence this second round.
“it’s a signal that government has had difficulties with restructuring other components of the debt. Earlier on when it closed in February, we were told that this was very successful, so to have the government come back after the finance minister had back in the spring meeting denied that there would be no second round; it just tells you that, there are some difficulties meeting the volume of restructuring in some other places”.
He added that, “even though the statement is trying to say the government is trying to help out those who couldn’t take up the offer the first time, you know you get the sense that government is really struggling to restructure the substantial amount of the external debt, that is why he’s been forced to bring this one”
Story by Nana Ama Nyamekye/Ahotoronline
