"DDEP: Gov’t announces successful settlement of dollar-denominated bonds"

" DDEP: Gov't announces successful settlement of dollar-denominated bonds \r\n\r\nThe Government of Ghana has successfully settled and concluded its Domestic Debt Exchange Programme (DDEP) for the U.S.-denominated bonds on September 4, 2023.\r\n\r\nThis development aligns with the government's macroeconomic stabilization efforts under the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG). The settlement adhered to the terms and conditions laid out in the Exchange Memorandum issued on July 14, 2023.\r\n\r\nThe government disclosed the aggregate principal amount of each Series of New Bonds issued as part of the DDEP.\r\n\r\nOn the Settlement Date, four Series of New Bonds were issued to Eligible Holders, with the principal amount determined by the outstanding principal of Eligible Bonds tendered and any accrued interest payable.\r\n\r\nThe allocation of these New Bonds was evenly divided between those maturing in 2027 and 2028, further distributed between Foreign Exchange Account (\"FEA\") new Series and Foreign Currency Account (\"FCA\") new Series based on the type of Eligible Bonds tendered.\r\n\r\nThe principal amounts for these New Bonds were credited to the respective holders' securities accounts at the Central Securities Depository (\"CSD\") from which the Eligible Bonds were tendered.\r\n\r\nFurthermore, all accepted tenders resulted in the electronic cancellation of the corresponding Eligible Bonds at the CSD on the Settlement Date.\r\n\r\nThe government also issued Pricing Supplements for each New Bond on the Settlement Date, in accordance with the Deed of Covenant of the Republic of Ghana dated February 21, 2023.\r\n\r\nCopies of the New Bond Documentation, including Pricing Supplements, are accessible through various websites, including the Ministry of Finance, the CSD, and an Invitation Website. Additionally, these documents are available for inspection by New Bond holders at the CSD.\r\n\r\n Read details of the statement announcing the settlement of the bonds below: \r\n\r\n THE GOVERNMENT ANNOUNCES THE SETTLEMENT OF ITS U.S.$-DENOMINATED DOMESTIC DEBT EXCHANGE PROGRAMME \r\n\r\n Accra, Ghana, 7 th \u00a0September 2023 \u2026\u2026 The Government of Ghana announces the successful settlement and conclusion on Monday, 4 th \u00a0September 2023 (the \u201c Settlement Date \u201d) of its Domestic Debt Exchange Programme (DDEP) in respect of the Government\u2019s U.S.$-denominated bonds.\u00a0 This successful result is a significant achievement for the Government as it pursues its macroeconomic stabilization policies under the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG).\u00a0 The settlement was made pursuant to the terms and conditions set forth in the Exchange Memorandum dated 14 th \u00a0July 2023 (the \u201c Exchange Memorandum \u201d). Capitalised terms used but not defined herein shall have the meanings ascribed thereto in the Exchange Memorandum.\r\n\r\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The Government announces the aggregate principal amount of each Series of New Bonds, which amounts, together with the corresponding ISINs, are set forth in Appendix A attached hereto.\r\n\r\n3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 On the Settlement Date, four (4) Series of New Bonds were issued to Eligible Holders whose tenders were accepted by the Government. Pursuant to the Exchange Memorandum, the principal amount of the New Bonds per holder is composed of the outstanding principal amount of Eligible Bonds tendered by such holder plus any amount of Accrued Interest Payable in respect thereof, and was allocated per holding in equal proportions between New Bonds due 2027 and 2028 pursuant to the Exchange Memorandum. Please note that the respective allocations between New Bonds due 2027 and 2028 are also distributed between Foreign Exchange Account (\u201c FEA \u201d) new Series and Foreign Currency Account (\u201c FCA \u201d) new Series in proportion with each holding of FCA and FEA Eligible Bonds tendered. On the Settlement Date, such principal amounts were credited to each holder\u2019s respective securities account at the Central Securities Depository (\u201c CSD \u201d) from which each holder\u2019s Eligible Bonds were tendered.\r\n\r\n4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pursuant to the Exchange Memorandum, all tenders accepted by the Government resulted in electronic cancellation of such Eligible Bonds at the CSD on the Settlement Date. 5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 On the Settlement Date, the Government signed and issued the Pricing Supplements for each New Bond pursuant to the Deed of Covenant of the Republic of Ghana dated 21 st \u00a0February 2023, under which the New Bonds were constituted and issued. Copies of the New Bond Documentation have been made available on the dedicated websites of the Ministry of Finance ( https:\/\/mofep.gov.gh\/news- and-events\/debt-operations ) and the CSD ( https:\/\/www.csd.com.gh\/dde ), and on the Invitation Website ( https:\/\/projects. morrowsodali.com\/ghanadde ). Moreover, copies of the New Bond Documentation have been made available for inspection by holders of New Bonds at the CSD."

"DDEP: Gov’t announces successful settlement of dollar-denominated bonds"

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