Gov’t records 80% participation in debt exchange programme

Story: News Desk

Government says the Domestic Debt Exchange Programme (DDEP) officially closed on Friday, February 10, 2023, with over 80% participation of eligible bonds.

This was announced in a statement issued by the Finance Ministry on Tuesday, February 14, 2023.

Government in the statement thanked the people of Ghana for their “forbearance and support throughout these very difficult times”.

It also assured bondholders who did not sign up for the programme that it will honour its financial obligations to them.

“We would like to stress that, all Individual bondholders, especially our Senior Citizens, should rest assured that their coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government’s Fiscal commitments.”

Following agitations and requests for the exemption of some categories of bonds from the debt exchange programme, government reiterated that signing up for the programme was voluntary.

The debt restructuring programme tagged as the Domestic Debt Exchange Programme forms part of the requirements for the Government of Ghana to secure a $3 billion bailout package from the International Monetary Fund (IMF).

Government has already secured a staff-level agreement awaiting the IMF Board’s approval.

Ghana’s debt stock hit GH¢575 billion in November 2022 accounting for 93.5% of the country’s total GDP.

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