Policy think-tank calls on government to be transparent in debt restructuring exercise

The Executive Director of the Institute for Liberty and Policy Innovation (ILAPI) Ghana, Mr Peter Bismark Kwofie, has appealed to the government to be transparent about the ongoing debt restructuring exercise. 

He said it was important for the government to listen to views and suggestions of development experts, economists and Civil Society Organizations (CSOs) as it puts together debt restructuring policies.  

The Executive Director of the Policy Think-Tank made the appeal when sharing his views on the 2023 Budget in an interview with the GNA.  

“It’s, therefore, important to ensure transparency in this debt restructuring policy of the government. Fiscal and monetary transparency should guide the government to build confidence for all stakeholders to support the recovery process,” he said. 

This, he said, would equally help build confidence for the experts to support the reforms. 

Mr Kwofie described the Finance Minister’s pronouncement that the total public debt stock including State Own Enterprises (SOEs) exceeded 100 percent of Gross Domestic Product (GDP) as scary.  

Mr Kwofie said if the debt restructuring policy failed in the short term, the economy would fall lower than expected and could increase the debt to GDP ratio further.