The government has announced the final principal amounts of new bonds under the Domestic Debt Exchange Programme (DDEP).
“In anticipation of the settlement of the DDEP on 21st February 2023, 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 and organized by the category of holders set forth in the Amended and Restated Exchange Memorandum dated as of 3rd February 2023 (the “Exchange Memorandum”),” a statement from the Ministry of Finance said.
According to the Ministry, the New Bonds will be credited to the holder’s securities account at the Central Securities Depository (CSD) from which their Eligible Bonds were tendered.
The programme, since its announcement, has faced huge opposition from labour groups, including pensioners.
The government exchanged existing bonds for new ones with a more flexible interest payment plan as part of ongoing negotiations with the International Monetary (IMF) Fund to secure $3 billion in economic support for Ghana.
In the government’s quest to address the country’s ongoing economic challenges, it launched the programme to invite holders of bonds to voluntarily exchange approximately GH¢137 billion domestic notes and bonds of the Republic, including ESLA and Daakye, for a package of new bonds.
So far 85% of bondholders participated in the programme.