The Government of Ghana has reached an agreement on participation of Insurance Companies in the Domestic Debt Exchange Programme.
Under the agreement, the insurance companies will participate in the exchange on similar terms as the banks.
In a statement dated January 26 and signed on behalf of the government by Ken Ofori-Atta and Seth Aklasi as Ghana Insurers Association representative, the deal will enable government, through the solvency window of the Ghana Financial Stability Fund, provide support for the insurance companies that are seriously affected by the domestic debt exchange programme.
The statement says the objective is to protect jobs and stability of the industry.
“The Ghana Insurers Association is happy to reach a deal with government that will protects its members, by enabling the government to push through the necessary economic reforms at this difficult times”, part of the statement reads.
“The milestone in the back of the success with the banking industry, has taken the government closer to completing the domestic debt exchange programme which is a key factor to restore economic stability and growth”, the statement adds.