Gov’t agrees for insurance companies to participate in DDE programme on similar terms as banks

The government of Ghana has reached an agreement with the Ghana Insurers Association (GIA) on the Domestic Debt Exchange (DDE) Programme.

After several engagements, the Ministry of Finance representing government has today issued a joint press release with the Insurers Association on the agreed conditions.

In the release, it has been confirmed that an agreement has been reached for insurance companies to participate in the Domestic Debt Exchange Programme.

Under the agreement, insurance companies will participate in the programme on similar terms as the Banks.

In addition, the Government through the solvency window of the Ghana Financial Stability Fund (GFSF) will provide support for the insurance companies that are seriously affected by the DDEP.

According to the joint release, the objective is to protect jobs and the stability of the industry.

Meanwhile, the GIA says it is happy to reach a deal with the Government that protects its members, but also enabling the Government to push through the necessary economic reforms at these difficult times.

Below is a copy of the joint press release from the Ministry of Finance and the GIA: