The government has included individual domestic bondholders in its amended ¢137.3 billion domestic bond exchange programme.
It forms part of the efforts by the government to restructure debts.
The government explained that the move will also help Ghana secure approval from the International Monetary Fund’s (IMF) management and executive board for a US$3 billion loan-support programme to address Ghana’s current economic crisis.
A press statement dated December 24, 2022, issued by the Ministry of Finance said aside from the foregoing extensions the government was “expanding the type of investors that can participate in the Exchange to now include Individual Investors.”
Other changes to the debt exchange programme included the establishment of a non-binding target minimum level of overall participation of 80% of eligible bonds’ aggregate principal amount outstanding.
“Offering accrued and unpaid interest on Eligible Bonds, and a cash tender fee payment to holders of Eligible Bonds maturing in 2023.”
There would also be eight new instruments to the composition of the new bonds, for a total of 12 new bonds, one maturing each year starting January 2027 and ending January 2038, the statement added.
“Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omission, defect, error or inconsistency may be included in the Amended and Restated Exchange Memorandum,” the Ministry added.
By: Rainbowradioonline.com/Ghana
