Story: Yaw Takyi
Finance Minister, Ken Ofori-Atta says government has put in place measures to minimize the impact of the country’s domestic debt exchange on investors.
These measures include some exemptions and external debt restructuring parameters that will be implemented.
Mr. Ofori-Atta made the announcement at a press conference organized by the Finance Ministry on Sunday, December 4.
Mr Ofori-Atta also reiterated that there would be no haircuts on the principal of bonds.
Meanwhile, domestic bond holders will be compelled to exchange their instruments for new ones.
“Existing domestic bonds as of December 1, 2022, will be exchanged for a set of four new bonds maturing in 2017, 2029, 2032 and 2037.
“The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% in 2025 until maturity.
“Coupon payments will be semi-annual,” the Minister explained.
Mr. Ofori-Atta also used the platform to call for support from Ghanaians and the investor community to make the exercise successful.
“We are confident that these measures will contribute to restoring macroeconomic stability. With your understanding and support and that of the entire investor community, we shall overcome our current difficulties, and with the help of God, put our economy back on the path of renewed and robust growth,” he added.
