The Government of Ghana through the Ministry of Finance has launched another round of Domestic Debt Exchange Programme inviting E.S.L.A. Plc and Daakye Trust Plc bondholders to exchange their bonds for new ones.
In a statement issued by the Ministry on September 13, it called on holders of the domestic notes and bonds to voluntarily accept the invitation and participate in government's debt swap programme.
“The Government announced today that it is reopening its invitation to the exchange that settled in February 2023 (the “February 2023 Exchange”) and is therefore once again inviting holders of the domestic notes and bonds of the Republic of Ghana, E.S.L.A. Plc and Daakye Trust Plc that are specified in Appendix A attached hereto (the “Eligible Bonds”) to tender their holdings of the Eligible Bonds in exchange for a package of New Tranches (as defined below) of the same new bonds that were issued by the Government (the “New Bonds”) as part of the February 2023 Exchange (such invitation hereinafter referred to as the “Invitation”).”
The Ministry of Finance however noted that the new offer is aimed at affording bondholders who could not participate in the February 2023 debt swap programme, as result of some technical delays.
“We are aware that a number of holders of Eligible Bonds did not participate in the February 2023 Exchange on time and, as a result, were left with their holdings of the Eligible Bonds. Mindful of this development, we are proceeding with an administrative reopening of the February 2023 Exchange.”
“The invitation is available only to registered holders of Eligible Bonds that are not Pension Funds, except that if you have tendered Eligible Bonds in either of the two prior GHS-denominated invitations to exchange by the Government in 2023 (i.e., the February 2023 Exchange or in August 2023 with respect to Pension Funds (the “Pension Fund Alternative Offer”, and together with the February 2023 Exchange, the “Prior Domestic Cedi Exchanges”)) you are not eligible to tender in this Invitation and are no longer an Eligible Holder,” the statement clarified.
Meanwhile, government in December 2022 launched the Domestic Debt Exchange Programme (DDEP) as part of efforts of restore macroeconomic stability and service the country’s debt position.
The DDEP also forms part of conditions set by the International Monetary Fund for Ghana to secure a 17th bailout package.
See the statement below:
MA/NOQ
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Finance Minister, Ken Ofori-Atta