The government announced the results of the alternative offer on August 29, 2023, stating that approximately 95% of holders eligible to participate in the Invitation to Exchange (as determined by the Central Securities Depository) tendered their Eligible Bonds.
The offer for the pension fund exchange closed at 4:00 p.m. on 25th August 2023.
The statement issued by the Finance Ministry noted that “The Government is pleased with the results, as a substantial majority of the Eligible Holders have tendered. This result is a significant achievement for the Government to implement fully the economic strategies in the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.”
It also added that to provide sufficient time to settle the Exchange Bonds in an efficient manner, the government is extending the Settlement Date of the alternative offer exchange from the previously announced 1st September 2023 to 4th September 2023.
The issue date, interest accrual schedules, and payment schedules for the Exchange Bonds will be adjusted to reflect the actual Settlement Date.
Accordingly, the payment on the Exchange Bonds that was scheduled to be paid shortly after the settlement date (such payment to be made as if such Exchange Bonds had been issued on 21st February 2023 and held by the tendering Eligible Holders as of 22nd August 2023, which is the first interest payment date under the Existing Exchange Series) will now be made on or about 5th September 2023.
“Except as set forth in this paragraph, the terms and conditions of the alternative offer for the pension fund exchange is not modified or amended,” it added.
The Ministry however noted that as the Invitation Period has expired, no new tenders will be accepted, and no revocations or withdrawals are permitted.
SSD/NOQ
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Finance Minister, Ken Ofori-Atta