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Govt extends Debt Exchange Pro­gramme to January 16, 2023

Govt extends Debt Exchange Pro­gramme to January 16, 2023

Government has extended the expiry date for its Domestic Debt Exchange Pro­gramme (DDEP) to January 16, 2023.

The DDEP was expected to expire on December 30, 2022.

The government on Decem­ber 5, 2022, launched DDEP to restore macroeconomic and debt sustainability.

Debt sustainability analysis conducted by the government indicated that the country’s public debt was unsustainable, and thus launched the DDEP.

Under the DDEP, the govern­ment exchanged existing notes and bonds valued at GH¢137.3 billion with a set of new ones maturing between 2025 and 2038.

A statement issued by the Ministry of Finance in Accra last Friday and copied to the Ghanaian Times said the settlement date for the invitation was now “Expected to occur on Tuesday, January 24, 2023, or as soon as practicable thereafter, but no later than the long-stop date which was now scheduled for Tuesday, January 31, 2023, unless further extended by the government pursuant to the invitation”.

It said the announcement date was now expected to occur on or around January 17, 2023.

The statement said in addition to the foregoing extensions, the government had modified the invitation to the DDEP.

They statement said the modifications were that offering accrued a d unpaid interest on eligible bonds and cash tender fee payment to holders of eligible maturing in 2023, increasing the new bonds offered by adding eight new instruments to the composi­tion of the new bonds for a total of 22 new bonds, one maturing each year starting January 2027 and January 2038.

“Modifying the Exchange Consideration ratios for each new bond. The Exchange Consider­ation ratio applicable to eligible bonds maturing in 2023 will be different than for eligible bonds, setting a non-binding target mini­mum level of overall participation of 80 per cent of aggregate princi­pal amount outstanding of eligible bonds,” the statement said.

It said the types of investors that can participate in the Ex­change now included individual investors.

“These modifications will be set forth fully in an Amended and Restated Exchange Memorandum which is expected to be published during the week of December 26, 2022. Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifica­tions to cure ambiguity, omissions, defect, error or inconsistency may be included in the Amended and Restated Exchange Memoran­dum,” the statement said.

Source: www.spotonnews.net

Written by Joyceline Natally Cudjoe

An Entertainment Columnist, Content Writer, Blogger, Novelist, Poet, and a Publicist. For business or story tip off, contact me on +233 24 646 6866 or email: [email protected]

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