The government’s Domestic Debt Exchange Programme (DDEP) deadline has been extended until February 14, 2023.
The extension comes after the previous extension’s deadline expired today, Tuesday, January 31, 2023.
This is also in accordance with the Ghana Association of Banks (GAB), the Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA).
The Finance Ministry, in a statement, said a revised and final Exchange Memorandum would 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.
Below are the new terms:
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.
By: Rainboiwradioonline.com/Ghana
