DDE: Talks between Gov’t, individual bondholders yet to yield any progress
The Ministry of Finance in Ghana has reportedly made progress in its debt exchange negotiations with banks and capital market players, according to Bright Simons, Vice President of Imani Africa.
However, negotiations with insurance firms, offshore investment, and individuals have yet to yield any progress, he said in a tweet.
“The gap between the two parties on the coupon rate has narrowed,” Simons added.
The government is looking to launch the Debt Exchange programme by the end of the month, but it still needs to conclude its meeting with individual bondholders on the programme.
The Finance Minister, Ken Ofori-Atta, said he expects the joint technical committee to finish its work by January 30.
He also emphasized that the program is voluntary and the government is hoping to get up to 80% participation, which will still be within the parameters.
The Ghana Individual Bondholders Forum had previously petitioned the Minister to be excluded from the program, citing lack of engagement and concerns about potential haircuts on their investments.
