Debt exchange programme not our focus – IMF Chief

The International Monetary Fund (IMF) Mission Chief to Ghana, Stéphane Roudet has said the Fund is not concerned about the Government’s domestic debt exchange programme.

Speaking on the Citi Breakfast Show, Mr. Roudet said the Fund doesn’t instruct Governments or member countries on how to restructure their debts but only plays an advisory role until the country’s debts are sustained.

Asked what role the Fund will play in ensuring the successful implementation of the debt exchange programme since a lot of fund managers are objecting, Mr. Roudet said, “it is not for us to speculate what the country will decide eventually, we are just in the middle of the process, so I think the best thing is to let the Government and its creditors discuss that.”

“We are very concerned about the overall picture, making sure that eventually, the strategy will deliver but the details of how this debt restructuring is being implemented; what type of debts are being restructured, the relationships with creditors whether domestic or external, the parameters and what type of relief the Government will be seeking from the different creditors, all of that is very much for the Government to determine, and they are all sovereign decisions.”

He also said, “when it comes to debt sustainability, this is how we want that to be achieved, and it is our job to support the Government during this period to continue to engage.”

The Government of Ghana and the IMF reached a staff-level engagement on December 13 for $3 billion facility which the first trench is expected to be pushed to the country in the first quarter of 2023.