The Government of Ghana, pending further stakeholder engagement with institutional and individual investors, has extended the deadline for its Domestic Debt Exchange (DDE) Programme to January 31.
After the first announcement of the Programme on December 5, 2022, the government entered into advanced discussions with multiple stakeholders.
The discussions resulted in the amendment of the terms of the offer, which was announced on December 24, 2022, to expire on January 16, 2023.
However, that deadline has been rescheduled for January 31, 2023.
“Building consensus is key to a successful economic recovery for Ghana,” a tweet on the official Twitter handle of the Office of Ghana’s Finance Minister, Mr Ken Ofori-Atta, confirmed on Monday, January 16.
Meanwhile, a press release issued by the Finance Ministry said the Government had structured the DDE programme as a “voluntary exercise in order to shield domestic bondholders”.
“We will, however, use this period to further engage with stakeholders, especially individual bondholders to mitigate any adverse impact, while we all contribute to overcoming our challenges,” the Ministry stated.
According to the release, important discussions were ongoing with financial institutions, notably in relation to forbearance measures, accounting treatment, as well as the structure and parameters of the Ghana Financial Stability Fund (GFSF). The Ministry explained that a successful DDE was critical to advance the nation’s economic recovery process, therefore, “it is in our common interest to make it work”.
