Finance Minister Ken Ofori-Atta has announced the modalities of a domestic debt exchange following the conclusion of Debt Sustainability Analysis as part of negotiations with the International Monetary Fund(IMF).
The Minister, in his announcement, explained that domestic bondholders would have to exchange their instruments for new ones, Finance Minister Ken Ofori-Atta announced in a Press conference on Sunday.
According to him, existing domestic bonds as of 1st December 2022, will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032, 2037.
“The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024, and 10% from 2025 until maturity. Coupon payments will be semi-annual,” said the Finance Minister.
“There will be NO haircut on the principal of bonds, adding Individual holders of bonds will not be affected.”
By: Rainbowradioonline.com/Ghana
