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“As we continue to borrow and now that we are borrowing more from the money market - treasury bills etc. - we are piling up debt and we should be careful not to breach the debt sustainability threshold again. Because that has had severe implications on the economy and we need to guard against this”, he explained.
Professor Quartey who also doubles as the Director of the Institute of Statistical, Social and Economic Research said Ghana getting a deal will help sustain the recent gains by the cedi.
The Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana has underscored the pivotal nature of the 2024 budget, presenting it as a test case for the nation's financial stability.
Speaking at the launch of the State of the Economy Report for 2022 and the first three quarters of 2023 by his outfit, Professor Quartey said, “We’re in the IMF programme and there seems to be some positive signals for economy, but my concern is the recent announcement of a 40% haircut on Eurobonds. This I think will affect confidence in the economy because the Eurobond is not only subscribed by foreigners and so I will like to see a better alternative”.
The Director of ISSER, Professor Peter Quartey, has emphasised the need for Ghana to draw lessons from Zambia's recent Domestic Debt Exchange Programme (DDEP) at this year's ISSER Development Dialogue.