Banks to reschedule 3tr cedis of govt's debt

The banks have agreed to restructure 3 trillion cedis of the nation's total domestic debt into medium and long-term bonds.

Consequently, the government will enjoy a relief of 1 trillion cedis within the next 18 months. The total national domestic debt currently is over 9 trillion cedis.

Dr Jean Aka, president of the Ghana Association of Bankers and also, managing director of Ecobank Ghana Limited, said these at a news conference at the just ended National Economic Dialogue on Tuesday.

He explained that the restructuring did not mean that the banks were writing off the debt owed by government.

Dr Aka stated that even though the banks had agreed in principle to the government's request, there were certain issues that needed to be addressed by government.