According to the Ministry of Finance, this is despite an earlier announcement that it had about 91% participation in the bonds which started on July 14, 2023, and extended when the offer ended on August 4, 2023.
The Finance Ministry in statement issued on Tuesday August 22, 2023, said that this administrative extension “afford holders that have not tendered, additional time to secure internal approvals to participate, through this administrative window to participate in this exchange.”
The new timetable for the Invitation is as follows:
Expiration Date: Friday, 25th August 2023 at 4:00 p.m. (GMT) (the “New Expiration Date”).
Announcement Date: On or about Monday, 28th August 2023.
Settlement Date: Expected Friday, 1st September 2023, or as soon as practicable thereafter.
Longstop Date: Monday, September 4, 2023, unless further extended by the Republic pursuant to the Invitation.
However, for pension funds finance Ministry said “in response to feedback received from Eligible Holders for more time to secure internal approvals to participate, Government decided to extend the offer to August 25, 2023.”
New Time Table for the Pensions Alternative Offer
Expiration Date: Friday, 25th August 2023 at 4:00 p.m. (GMT) (the “New Expiration Date”).
Announcement Date: On or about Monday, 28th August 2023.
Settlement Date: Expected Friday, 1st September 2023, or as soon as practicable thereafter.
Longstop Date: Monday, 4th September 2023, unless further extended by Government pursuant to the Invitation.
This extension also covers cocoa bills.
SSD/DAG
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Finance minister Ken Ofori-Atta