DDEP deadline ends February 7 as no further extensions announced

The Finance Minister in an address on February 6, 2023, urged all institutional and individual bondholders to sign on to the programme.

He noted that "However, we admit that there were legitimate and critical concerns which needed deeper and broader consultations. The requisite efforts to address them have resulted in improved terms and changes in the closing date, with a final deadline of tomorrow.

"Tomorrow, Tuesday, 7th February 2023, is the final deadline for institutions and individuals to sign up to Ghana’s Domestic Debt Exchange Programme," he added.

This will mean that the exemptions being sought individual bondholders and pensioner bondholders may not be granted.

Ken Ofori-Atta explained that it is still voluntary to sign on to the programme but some revisions have been done to the earlier terms of participation.

He said: "All individual bondholders who are below the age of 59 years (Category A) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate;

"All retirees (including those retiring in 2023) (Category B) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate," he added.

SSD/MA