DDEP: Gov’t Sets Final Deadline For February 7

 

The Government through the Ministry of Finance has extended the deadline for the Domestic Debt Exchange Programme (DDEP) for the fourth time.

According to the Ministry of Finance, the final extension was necessitated by developments including its latest offer to individual bondholders.

In a press release, the Ministry said its latest revised offer of instruments with a maximum maturity of 5 years, instead of 15 years, and a 10 percent coupon rate to individual bondholders below the age of 59 years was to encourage them to participate in the Exchange.

Also, 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 percent coupon rate.

Bondholders were encouraged to commence administrative processes towards their participation in the Exchange adding that discussions were also being finalised with Organized Labour and Pension Fund Trustees, on a separate arrangement in accordance with the Memorandum of Understanding signed with Organized Labour (on December 22, 2022) in line with the government’s debt management Programme.

A revised and final Exchange Memorandum is expected to be released by the government on Thursday, February 2, 2023, following agreements with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA).

“With this, Government encourages all stakeholders to participate in the DDEP, an essential step towards meeting our debt sustainability targets and restoring macroeconomic stability and economic growth,” the release said.

“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.”

Find the press release below

By Vincent Kubi

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