According to the government, the feat which was achieved on February 21, 2023, marks a significant leap as talks with the International Monetary Fund for the implementation of the post-COVID-19 programme for economic growth.
The successful conclusion meant that the government issued 16 series of new bonds to eligible holders whose tenders were accepted by the government.
This is in respect of the GHS-denominated bonds issued by the government, E.S.L.A Plc, or Daakye Trust Plc.
A statement issued by the Public Relations Unit of the Finance Ministry said, “This successful result is a significant achievement for the Government in the implementation of the economic strategies of the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.”
“The settlement was made pursuant to the terms and conditions set forth in the 2nd Amended and Restated Exchange Memorandum dated 3rd February 2023 (the “Exchange Memorandum”),” the statement added.
Below are the full details of the settlement
1. On the Settlement Date, 16 Series of New Bonds were issued to Eligible Holders whose tenders were accepted by the Government. Pursuant to the Exchange Memorandum, the principal amount of the New Bonds per holder is composed of the outstanding principal amount of Eligible Bonds tendered by such holder plus any amount of Accrued Interest Payable in respect thereof and was allocated among holders based on each holder’s category pursuant to the Exchange Memorandum. On the Settlement Date, such principal amount was credited to their respective securities account at the Central Securities Depository (“CSD”) from which each holder’s Eligible Bonds were tendered.
2. Pursuant to the Exchange Memorandum, all tenders accepted by the Government resulted (i) in the case of the Eligible Bonds issued by the Government, in electronic cancellation of such Eligible Bonds at the CSD on the Settlement Date, and (ii) in the case of Eligible Bonds issued by E.S.L.A. Plc and Daakye Trust Plc, in the transfer, on the Settlement Date, of such Eligible Bonds in favour of the Government who became the holder thereof.
3. On the Settlement Date, the Government signed the New Bond Documentation, consisting of the new Deed of Covenant under which the New Bonds were constituted and issued (including the Terms and Conditions governing the New Bonds attached thereto) Pricing Supplement specific to each Series of New Bonds. Copies of the New Bond Documentation have been made available on the dedicated websites of the Ministry of Finance (https://mofep.gov.gh/news-and-events/debt-operations) and the CSD (https://www.csd.com.gh/dde), and on the Invitation Website (https://projects.morrowsodali.com/ghanadde). Moreover, copies of the New Bond Documentation have been made available for inspection by holders of New Bonds at the CSD.
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Finance Minister, Ken Ofori-Atta