"Debt Exchange: Deadline for debt programme extended to Feb. 7"

" Debt Exchange: Deadline for debt programme extended to Feb. 7 \r\n\r\nGovernment has extended the deadline for the Domestic Debt Exchange Programme (DDEP) to February 7, 2023.\r\n\r\nThe Finance Ministry in a press release on Tuesday added that a new settlement date of Tuesday, February 14, 2023, will be confirmed via the new Exchange Memorandum.\r\n\r\nThe original deadline for the Programme expired at 4 pm today, January 31.\r\n\r\nAmidst lots of disagreement following the announcement of DDEP, the Ministry said it \u201chas made significant progress with all stakeholders, including financial sector industry associations and representative groups of individual bondholders, with respect to their participation in the Programme.\u201d\r\n\r\nThe Finance Ministry announced updates based on its meeting with stakeholders and announces that \u201cbased on the agreement reached with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA), the new terms of the exchange have been accepted. A revised and final Exchange Memorandum will be released by Thursday, February 2, 2023.\u201d\r\n\r\nAccording to the Ministry, \u201cbased on the engagements with the representative groups of individual bondholders, the following has been offered and will form part of the new Exchange Memorandum:\r\n\r\na. An affirmation that all individual bondholders are free not to participate;\r\n\r\nb. However, upon a successful DDEP there will be very few of the \u2018old bonds\u2019 in circulation, and likely limit its tradability;\r\n\r\nc. In this regard, the Government is pleased to make available the following alternative offer to encourage all individual bondholders to participate in the Exchange:\r\n i. \u00a0All individual bondholders who are below the age of 59 years will be offered instruments with a maximum maturity of 5 years, instead of 12 years, and a 10% coupon rate;\r\n ii.\u00a0 All retirees (including those retiring in 2023) will be offered instruments with a maximum maturity of 5 years, instead of 12 years, and a 15% coupon rate.\r\n\r\nAlso, it said discussions are being finalised with Organised Labour and Pension Fund Trustees, on a separate arrangement in accordance with the MoU with Organised Labour on December 22, last year and in line with government\u2019s debt management Programme.\r\n\r\n\u201cWith this, Government encourages all stakeholders to participate in the DDEP, an essential step towards meeting our debt sustainability targets and restoring macroeconomic stability and economic growth.\r\n\r\n\u201cThese developments have necessitated the final extension of the deadline from January 31, 2023, to Tuesday, February 7, 2023, and a new settlement date of Tuesday, \u00a0February 14, 2023,\u00a0 that will be confirmed via the new Exchange Memorandum,\u201d the Finance Ministry added.\r\n\r\nThe Ministry thanked the various stakeholders since the beginning of the DDEP, which it said has enabled it to make such remarkable progress possible.\r\n\r\n\u201cAll bondholders are hereby encouraged to commence all administrative processes towards their participation in the Exchange, in line with the agreements reached,\u201d the Ministry concluded."

"Debt Exchange: Deadline for debt programme extended to Feb. 7"

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