There has been no haircuts - John Kumah

The Deputy finance minister, John Kumah, has said that there has been no haircut as far as the Domestic Debt Exchange Programme (DDEP) is concerned.

According to him, the debt exchange programme was voluntary and not compulsory.

He noted that "there has been no haircut in the successful execution of the debt exchange programme and it has remained voluntary from day one until now."

The deputy finance minister linked the country's current economic crisis to the COVID-19 pandemic and the Russia-Ukraine war.

He made the assertion when the finance minister appeared before parliament to present the details of the debt exchange.

John Kumah however reiterated that pensioners who did not sign on to the programme are exempted.

He further noted that the government will pay maturing coupons and the principals on bonds.

"As we speak today, about 85% of bonds have been migrated unto the new bond market," while adding that the success rate has paved way for further negotiations to continue with the IMF.

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