Debt Exchange: Government Again Extends Deadline For Programme To February 7 With Revised Terms
- The Akufo-Addo-led government has again extended the deadline for the Domestic Debt Exchange programme to February 7, 2023
- This follows the expiration of the original deadline for the programme at 4 pm today, January 31, 2023
- The government has also revised the terms of the controversial programme which will be contained in a final Exchange Memorandum to be released by February 2, 2023
PAY ATTENTION: Enjoy reading our stories? Join YEN.com.gh's Telegram channel for more!
For the third time running, the Akufo-Addo-led government has again extended the deadline for the Domestic Debt Exchange programme to February 7, 2023.
This comes after the original deadline for the controversial programme which has faced stiff opposition expired at 4 pm, today, January 31, 2023.
Extension of debt exchange deadline to make room for revised terms
The extension of the deadline is expected to make room for revised terms of the programme to be included in the final Exchange Memorandum to be released by February 2, 2023.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
Stakeholders including individual bondholders and pensioners forum among others waited with bated breath as the deadline inched closer.
But a statement from the Ministry said significant progress with all stakeholders, concerning their participation in the programme, has been made.
Government assures all individual bondholders they are free not to participate in debt exchange
The revised terms of the new programme include an assurance from the government that all individual bondholders are free not to participate.
Also, all individual bondholders below the age of 59 years will be offered instruments with a maximum maturity of 5 years, instead of 12 years, and a 10% coupon rate.
Touching on pensioners, the government said all retirees (including those retiring in 2023) will be offered instruments with a maximum maturity of 5 years, instead of 12 years, and a 15% coupon rate.
“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 ministry added.
Some netizens have been reacting to the deadline extension, some of which have been compiled by YEN.com.gh.
As I forecasted a few weeks ago, Ghana govt has extended domestic debt exchange from today to Thurs 2nd Feb. Improved terms to individual bondholders. If you're >60 yrs, then 5 yrs max maturity + 15% coupon. Under 59 years, then max 5 yr maturity + 10% coupon. Better deal.
We are getting there. You see the importance of stakeholder engagement now?
What is the guarantee that govt will not default again when the 5-year bonds mature? A bitter bitter experience of governance is what you guys have shown Ghana. You showed Ghanaians pepper. Herh, it's unbelievable!
Ahmed Alhassan Ihsaan
It will still reach 20th time
Why do you people have to always wait last minute to revise? Is it some sort of strategy?
Individual bondholders say they cannot survive if they are included in debt exchange
Earlier, YEN.com.gh reported that individual bondholders have kicked against their inclusion in the Domestic Debt Exchange programme in its current form.
One such bondholder who spoke on Accra-based Joy FM on Wednesday, January 11, 2023, said they will fight their inclusion in the debt exchange programme as it will deny them and their families a means of survival.
New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!