The Governor of the Bank of Ghana, Dr. Ernest Addison, has provided a glimpse into the forthcoming Bank of Ghana (BoG) report, which is poised to reveal a significant decline in revenue for the country.
The blame for this substantial loss is being squarely placed on the implementation of the Domestic Debt Exchange Programme (DDEP), an initiative that has left its mark on the nation’s fiscal health.
During his appearance before the Public Accounts Committee of Parliament, Dr. Addison acknowledged the delay in releasing the report, citing the extensive work undertaken by auditors to assess the implications of the DDEP.
The government’s debt exchange maneuver has had far-reaching effects, given that most banks had extended loans to the government through various financial instruments.
The DDEP, which recently concluded with the inclusion of cocoa bills and dollar-denominated bonds, compelled the Bank of Ghana to request additional time to carefully examine the situation and compile a comprehensive statement.
Despite facing vehement opposition and discontent from various stakeholder groups, the government ultimately managed to execute the program.
The impending release of the BoG report has aroused considerable interest, as it promises to shed light on the extent of the revenue losses and provide deeper insights into the economic ramifications of the DDEP.
