The Ministry of Finance has announced the rollout of a new domestic debt exchange programme for US Dollar-denominated bonds to cover an estimated $809 million.
The new programme comes after a successful roll-out of the Cedi-denominated bonds in December, 2022.
A statement issued by the Ministry on Friday, July 14 said the “successful completion of this programme will allow our country to restore sound public finance and sustainable debt levels and kickstart economic growth following the impact of the Covid-19 pandemic and the global economic shock created by the war in Ukraine”.
This invitation, according to the Ministry, is an arrangement through which holders of eligible bonds will submit their holdings governed by law and denominated in US Dollars for new benchmark bonds, also denominated in Dollars but “with the same aggregate principal amount”.
It will also have in the aggregate a lower average coupon and extended average maturity than the eligible bonds.
The Ministry stressed that this new programme is a critical component of both the debt reduction programme and the programme discussions with the International Monetary Fund (IMF).
“It will contribute to unlocking the support of the international community and will allow Ghana to achieve its debt targets,” the statement said.
Government is, therefore, calling for full participation.
The Cedi-denominated programme saw an 85 percent participation despite initial concerns raised by bondholders.
The post Gov’t rolls out another DDEP for Dollar-denominated bonds appeared first on 3News.com.
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