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Domestic Debt Exchange: Potential financial sector impacts and mitigating safeguards
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• Ernest Addison, Governor of Bank of Ghana
A. Background
ON December 5, 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.
The Exchange excludes Treasury Bills in totality, and notes and bonds held by individuals (natural persons).
B. Potential Impacts on Debt Exchange on Financial Sector
Stress tests have been conducted by the relevant financial sector regulators to estimate the potential impact of the Debt Exchange for banks, specialised deposit-taking institutions (SDIs), insurance firms, asset managers, collective investment schemes, pension fund trustees, and regulated pension schemes, that could result from their participation in the debt exchange.
C. Regulatory Tools to Mitigate Financial Stability Risks from the Debt Operation
To help manage the potential impacts of the Debt Exchange on the financial sector, financial sector regulators will deploy all regulatory and supervisory tools to mitigate risks to financial stability. Regulators will assess impacts on a regular basis, and quickly address evolving risks in order to safeguard financial stability.
To support and encourage full participation of financial institutions in the voluntary debt exchange:
Regulatory Forbearance on Liquidity and Solvency
Financial sector regulators will temporarily reduce regulatory capital and liquidity requirements for regulated firms and schemes that voluntarily participate in the debt operation. Regulators will also suspend or delay any new rules that will have an adverse impact on liquidity or solvency. Each regulator will communicate more specific reliefs to its regulated firms/schemes in due course.
Ghana Financial Stability Fund (GFSF)
The GFSF is being established with a target size of GHC 15 billion to be provided by the Government of Ghana and its development partners.
The Fund will provide liquidity to financial institutions that participate fully in the Debt Exchange. All financial institutions (banks, SDIs, pension schemes, collective investment schemes, fund managers, broker/ dealers and insurance firms) that fully participate in the Debt Exchange can access the GFSF for augmented liquidity support, with effect from the date of completion of the Debt Exchange.
The Fund will be managed by the Bank of Ghana under unique operational guidelines being developed by the Financial Stability Council.
The Financial Stability Council will provide ongoing advice and oversight for the use of the GFSF.
Accounting Treatment
Regulators are already in discussions with external auditors of financial institutions and will provide guidance to ensure a standardized approach to the accounting treatment applied to the Debt Exchange.
D. Conclusion
In keeping with its mandate, the Financial Stability Council will continue to closely monitor the impacts of the Debt Exchange on financial institutions and on the financial system as a whole, as well as the effectiveness of the measures outlined above. These measures will be reviewed continuously and recalibrated as needed to ensure maximum effectiveness to safeguard the stability of our financial system and the protection of deposits, pensions, policy holders’ funds, and investor funds/assets.
The information above was issued by the Financial Stability Council on Wednesday, December 7, 2022. The Financial Stability Council was established in December 2018 by Executive Instrument, to “identify and evaluate the threats, vulnerabilities, and risks to the stability of the financial sector”.
The Council is chaired by the Governor of the Bank of Ghana, and has members from the Bank of Ghana (Deputy Governor), Ministry of Finance (Deputy Minister), Securities and Exchange Commission (Director General), National Insurance Commission (Commissioner), National Pensions Regulatory Authority (Chief Executive Officer), and Ghana Deposit Protection Corporation (Chief Executive Officer).
General Secretary of the New Patriotic Party (NPP), Justin Kodua Frimpong, has filed his nomination to contest the position of General Secretary again as the party begins its rebuilding efforts ahead of the 2028 general elections.
He was accompanied by party stalwarts and supporters who were in high spirits, expressing confidence that he is the right person to hold the position.
Speaking after filing his nomination, Mr Kodua Frimpong assured the rank and file of the party that he would not disappoint them.
“I can assure you that the faith the rank and file of the party have had in me, I will never disappoint them,” he said.
He also pledged to run a clean campaign devoid of personal attacks.
“I can assure you that our internal campaign will be devoid of personal attacks,” he told his fellow contestants and the rank and file of the party as he seeks to retain his position.
His tenure has seen the party through the 2024 general elections, where the NPP lost power to the National Democratic Congress (NDC) after eight years in government.
The party is currently in a rebuilding phase, with internal elections scheduled to elect new national executives to lead its reorganization towards the 2028 polls.
The General Secretary position is considered one of the most influential in the party’s administrative structure, responsible for the day-to-day running of the party secretariat and implementation of party decisions.
By Edem Mensah-Tsotorme
The University of Ghana Medical Centre (UGMC) has disputed claims made on social media by comedian Michael Blackson concerning the treatment given to his late mother, saying a review found that the allegations did not accurately reflect what happened during her stay at the hospital.
In a statement issued in Accra on August 5, 2026, the management of UGMC expressed condolences to Mr. Blackson and his family over the death of his 83-year-old mother, who died at the facility on July 16, 2026.
The hospital said it had taken the concerns raised by Mr. Blackson seriously and conducted a thorough review in line with its clinical and administrative procedures.
According to the statement, the facts presented by Mr. Blackson on social media contained “numerous inaccuracies” and did not accurately reflect the medical care provided to his mother.
UGMC explained that she was referred to the facility from another hospital and received treatment there from May 27 to July 16, 2026, a period of about eight weeks.
The hospital stated that it would not release details of her diagnosis, treatment, medical records or other aspects of her care because it had a duty to protect patient confidentiality, even after death.
It said the decision was intended to respect the dignity of the deceased and the privacy of her family.
UGMC further stated that all clinical decisions at the facility are made by qualified healthcare professionals based on medical judgment, established standards of care and the best interests of the patient.
The statement added that such decisions are made in consultation with authorised family representatives where necessary and that billing and financial procedures are governed by institutional policies and are separate from clinical decision-making.
The hospital noted that it values feedback from patients and their families and considers both positive and negative comments important for improving the quality of care.
Mr. Blackson had earlier used social media to criticise the care his mother received at UGMC, prompting the hospital’s response.
By: Jacob Aggrey
