DDEP: Window for completion tendering process closes today

Story: Peace Awuku

Government’s extended window for bondholders to complete tender processes as part of the controversial Domestic Debt Exchange Programme (DDEP) elapses today, February 10, 2023.

The extension from the February 7 deadline was to create a window for the bondholders who experienced technical glitches to complete the online processes for tendering their bonds.

The Ministry of Finance said it was  receiving the needed response from various stakeholders and individuals after it opened a three-day administrative window

The Ministry earlier indicated that over 50 percent of bondholders have subscribed so far and was  hopeful that the decisive steps adopted by the government will yield the necessary objectives.

“The government has responded decisively by responding to the crisis by adopting several measures to reset the economy and restore macro-economic stability. In connection with our debt exchange programme, the exercise was closed on Tuesday and a three-day administrative window opened to end on Friday for a few people who have to go through the respective processes to go through.

“We have received a considerable response from most of the stakeholders, institutions and for that we are grateful,” Deputy Finance Minister, Abena Osei-Asare said.

Convener of the Individual Bondholders Forum, Senyo Hosi, had already alleged that some banks are under pressure   to coerce their customers to accept the Domestic Debt Exchange programme as the deadline approaches.

Mr Hosi described the move as illegal and immoral adding that forcing customers of banks to accept the programme could spell doom for the country in future.

“Unfortunately on the market, we see some conducts that are unethical and also illegal. We see pressure coming from different quarters compelling banks to try and force customers to try and tender or accept the DDE, that is illegal, that is unethical and immoral”.

The Pensioner Bondholders Forum has continuously been picketing at the Finance Ministry to demand a total exemption of their investments from the programme.

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