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    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

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    BOST clarifies amount paid for iPhones bought for company executives

    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    2023 #CitiBusinessOlympics: Defending champions GCB retains title

    Check out some lively photos from 2023 #CitiBusinessOlympics

    #CitiBusinessOlympics: Citi TV/Citi FM applauded for well-organized event

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    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

    SMEs must incentivize staff to unlock full potential – Access Bank Board Chair

    Rock of the Future: Chairman of Atlantic Lithium Neil Herbert (l) presents a sample of Lithium ore to MIIF CEO Edward Nana Yaw Koranteng. Demand for Lithium is set to quadruple over the next ten years due to the accelera- tion in the production of Electronic Vehicles (EVs).

    MIIF to invest an initial $32.9 million into Ghana’s first lithium mine

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    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

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Debt restructuring needed despite possible economic shocks – Prof. Bokpin

byEllen Dapaah
September 29, 2022
in News, Top Stories
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Economist Prof Godfred Bokpin insists the painful adjustment of debt restructuring is needed to save the economy.

The government is expected to commence talks with either domestic or external bondholders as part of efforts to restructure the country’s cedi debt ahead of plans to secure a US$3 billion loan facility from the International Monetary Fund (IMF).

This is because one of the key requirements for the loan facility will entail the restructuring of the country’s debt which has been soaring at an alarming rate.

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Although many stakeholders have warned that this exercise might come with some shocks on the economy, Prof Bokpin insists the IMF bailout alone will not be enough to salvage the economy, hence the need for the government to restructure the country’s rising debt stock.

“Typically, you don’t wish for a country to find itself in this category. Coming out of this will require some painful adjustments. Its not something a country would want to communicate to their citizens that we need to do some kind of debt restructuring which may entail having a haircut.”

“When a country reaches the point where we have to restructure our debt, its almost like a doctor telling you that nothing can cure your disease except for a surgery. When you get to that point where you have to go under the knife, then you know it’s critical. That is where the country finds itself. So we have to go through this quite painful process and I hope that we learn a useful lesson from that because the IMF programme in itself is not enough [to save the economy].”

As Ghana wallows in an ailing economy, experts are banking their hopes on external economic restructuring measures to help salvage the situation.

This restructuring, experts have predicted, has the tendency to hit hard on the financial sector.

Institutional investors, financial institutions, and pension funds rank amongst the hardest to be hit by the intended debt restructuring.

Already, there are news reports that major local investors, including local banks and pension funds, are preparing to engage in discussion on debt reorganization.

This could entail the extension of maturities and haircuts on principal and interest payments.

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