50% of targeted bondholders have signed up for DDEP – Deputy Finance Minister

Deputy Finance Minister, Abena Osei Asare, has revealed that the government has achieved 50% participation of the intended 80% target for bondholders to sign up for the Domestic Debt Exchange Programme (DDEP).

The deputy minister said the government is hopeful that more bondholders unable to tender their documents on Tuesday will complete the process before the new Friday deadline.

“As of yesterday, when we decided to extend and grant that administrative window, we had done above 50 per cent,” she said.

On Tuesday, the government announced an extended administrative window for bondholders to complete processes for tendering their bonds.

A statement issued by the Ministry of Finance said the window ends at 4 pm on Friday, February 10, 2023.

The deadline for signing up for the programme expired on Tuesday, February 7, 2023, but the government, in the statement, said some of the bondholders faced “technical glitches as they tried to complete the online tender process”.

Madam Abena Osei Asare added that the government needs to conclude the programme to finalise engagement with the International Monetary Fund (IMF) in March for the much-needed bailout.

Finance Minister, Ken Ofori-Atta, had also reiterated the relevance of the government’s DDEP to securing the IMF bailout to salvage the country from its current economic crisis.

While calling on domestic investors to sign on to the programme on Monday, February 6, he cautioned that if the programme does not yield its intended results, it could cause further havoc amidst the prevailing economic crisis.

The programme, since its proposal, has been met with many public agitations and resentments, with many citizens against its implementation.

According to the dissenters, the DDEP will erode their savings and bring them to a place of need and lack, hence their refusal.