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IBF, IBHAG propose 35/35/30 principal re-payment to Gov’t

2 years ago
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IBF, IBHAG propose 35/35/30 principal re-payment to Gov’t

The IBF and IBHAG have made a debt re-profiling proposal to the Finance Ministry.

The debt re-profiling proposal, Convener of the IBF, Senyo Hosi notes, will convert principal payments due bondholders into the 91 day, 182 day and 364 days T-Bills.

Speaking during a joint virtual meeting held by the IBF and IBHAG, Hosi explained that with the 35/35/30 debt re-profiling proposal, the first 35% principal amount owed bondholders will be converted into 91 day T-Bill, another 35% of the principal amount will be converted into the 182 day bill and the remaining 30% principal amount will be converted into the 364 day T-Bill.

According to Hosi, the conversion of principal payments into T-Bills starts on June 1, 2023.

Some GHS 926m outstanding principal and coupon payments are expected to be converted into treasury bills.

Speaking on the way forward, Hosi noted that the IBF and IBHAG will continue engagements with the Technical Committee of the Finance Ministry to ensure that all principal and coupon payments due bondholders are made.

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He also noted that, the two bodies will secure a policy approval from the Finance Ministry on the debt re-profiling proposal – the conversion of coupon and principal payments into treasury bills.

After securing the policy approval, Hosi further noted that, the two bodies will monitor the implementation of the debt re-profiling proposal.

Tags: IBFIBHAGIBHAG propose 35/35/30 principal re-payment to Gov’t
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