Govt Achieves 95% DDEP Second Round Participation

Finance Minister, Ken Ofori-Atta


Government has achieved a 95% participation rate across its three latest debt exchange programmes.

The Finance Ministry revealed that in the first program, which focused on pension funds, nearly 95% of eligible bondholders identified by the Central Securities Depository participated.

Pension funds agreed to exchange GH¢29bn out of the existing GH¢ 31bn bonds for new notes maturing in 2027 and 2028.

In tandem, the exchange of U.S. dollar-denominated bonds saw approximately 92% participation from eligible bondholders. Investors agreed to swap $741 million in foreign currency-denominated notes out of $809 million eligible bonds for two new securities maturing in 2027 and 2028.

The Ghana Cocoa Board (COCOBOD) also saw a 97% participation rate in its Debt Exchange Programme, with over GHS 7 billion worth of bills tendered.

Meanwhile, the settlement date for the exchange has been rescheduled from September 1st to September 4th, 2023.

Ghana agreed to swap about $4bn of domestic debt as another step to meeting its obligations under an International Monetary Fund programme.


A Business Desk Report