The deadline for government’s Domestic Debt Exchange Programme (DDEP) has been extended further to February 7, 2023, following the expiration today.
This is also based on the agreement reached with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA).
Government says a revised and final Exchange Memorandum will be released by February 2, 2023.
“These developments have necessitated the final extension of the deadline from 31st January 2023, to Tuesday 7th February 2023, and a new settlement date of Tuesday 14th February 2023 that will be confirmed via the new Exchange Memorandum,” a statement from the Finance Ministry noted.
The revised terms are as follows:
a. An affirmation that all individual bondholders are free not to participate;
b. However, upon a successful DDEP there will be very few of the ‘old bonds’ in circulation, and likely limit its tradability;
c. In this regard, the Government is pleased to make available the following alternative offer to encourage all individual bondholders to participate in the Exchange:
i. All individual bondholders who are below the age of 59 years will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate;
ii. All retirees (including those retiring in 2023) will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.
The post Deadline for debt exchange program moved to February 7 with new terms appeared first on Citinewsroom - Comprehensive News in Ghana.
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