The deadline for government’s Domestic Debt Exchange Programme (DDEP) has been extended further to February 7, 2023, following the expiration today.
This is also based on the agreement reached with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA).
Government says a revised and final Exchange Memorandum will be released by February 2, 2023.
“These developments have necessitated the final extension of the deadline from 31st January 2023, to Tuesday 7th February 2023, and a new settlement date of Tuesday 14th February 2023 that will be confirmed via the new Exchange Memorandum,” a statement from the Finance Ministry noted.
Stakeholders were awaiting the government’s next move given the agreements it recently reached with groups of individual bondholders and players in the banking and insurance industry.
The extension of the deadline for the debt exchange will make room for some finalised terms with subscribers of the programme.
The revised terms are as follows:
a. An affirmation that all individual bondholders are free not to participate;
b. However, upon a successful DDEP there will be very few of the ‘old bonds’ in circulation, and likely limit its tradability;
c. In this regard, the Government is pleased to make available the following alternative offer to encourage all individual bondholders to participate in the Exchange:
i. All individual bondholders who are below the age of 59 years will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate;
ii. All retirees (including those retiring in 2023) will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.
Additionally, discussions are being finalised with Organized Labour and Pension Fund Trustees, on a separate arrangement in accordance with the Memorandum of Understanding signed with Organized Labour on 22nd December 2022, and in line with government’s debt management Programme.
With this, Government encourages all stakeholders to participate in the DDEP, an essential step towards meeting our debt sustainability targets and restoring macroeconomic stability and economic growth.
These developments have necessitated the final extension of the deadline from 31st January, 2023, to Tuesday 7th February, 2023, and a new settlement date of Tuesday 14th February, 2023 that will be confirmed via the new Exchange Memorandum.
The Government appreciates the cordial engagements with the various stakeholders since the beginning of the DDEP, that have made such remarkable progress possible
- Ghana will be the second Africa country to manufacture made in Africa smartphones in my Next Administration- Prez John Mahama
- Abdee Has Released His First Song For 2023 “Superstar lifestyle”.
- Final Conclusion On The Domestic Debt Exchange Programme . See The Affected People.
- Asamoah Gyan Took Care Of The Total Cost Of Stonebwoy Surgery.
- BECE Results Out ; 416 Candidates Results Canceled For Malpractice.