Ken Ofori-Atta, Finance Minister and President Akufo-Addo (right)
Government’s payment of matured coupons and principal of old bonds is set to resume on March 13, 2023.
This follows the conclusion of the Domestic Debt Exchange Programme (DDEP).
In a statement on February 27, 2023, the Finance Ministry said the new bonds settled and listed will become the new benchmark bonds.
“The Ministry of Finance will work with relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign bond market,” the Finance Ministry stated.
Meanwhile, the Finance Ministry said the S&P Global Ratings which raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’, acknowledges the successful completion of the DDEP.
“On Friday, 24th February 2023, S&P Global Ratings raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’. This acknowledges the completion of the DDEP with a successful delivery of new securities to bondholders. In doing so, the selective default is substantially cured”.
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