Government has given bondholders more time to complete the process of tendering their bonds in the Domestic Debt Exchange Programme (DDEP).
In a statement, the Finance Minister, Ken Ofori-Atta, announced an administrative window which will close at 4pm on February 10, 2023.
The move comes after the government learned of technical challenges faced by some bondholders during the online tender process.
Aside from the announcement date, which is now Monday, February 13, 2023, the timetable for the exchange remains unchanged.
The settlement of the exchange remains scheduled for Tuesday, February 14, 2023, according to the statement. The terms and conditions of the exchange are not modified or amended.
Bondholders who have yet to complete the process are being urged to visit the website of the Central Securities Depository to do so.
In his statement, Ofori-Atta also thanked those bondholders who have already tendered their bonds.
Improved Offer for Bondholders
The improved offer for bondholders includes a maximum maturity of five years, instead of 15, for individuals under 59 years old (Category A) and a 10% coupon rate.
Those who are retired or retiring in 2023 (Category B) are being offered instruments with a maximum maturity of five years and a 15% coupon rate.
According to Ofori-Atta, the government’s objective is to ensure that individuals, especially retirees, are not left in a difficult financial situation due to the DDEP, while still contributing to the resolution of Ghana’s economic crisis.
The government’s goal is to safeguard the well-being of pensioners, protect the savings of individuals, ensure the stability of the Ghanaian financial sector, and restore macroeconomic stability.
Source:norvanreports.com