DDEP: Govt extends Settlement Date of the exchange from February 14 to 21st

DDEP: The Government extended the Settlement Date of the exchange from February 14 to February 21

The Government has extended the Exchange Settlement Date from February 14, 2023 which was previously announced to February 21 in the Domestic Debt Exchange Program (DDEP).

This is to provide sufficient time to complete the New Bonds in an efficient manner, a statement issued by the Ministry of Finance, Tuesday 14 February.

“To provide enough time to complete the New Bonds in an efficient manner, the Government has extended the Exchange Settlement Date from the previously announced 14 February 2023 to 21 February 2023”, the statement said.

The Ministry earlier thanked all the bondholders who voluntarily participated in the DDEP.

The program closed on Friday, February 10 after several deadlines.

The Minister of Finance, Ken Ofori-Atta, has targeted more than 80 percent participation amid agitations between individual bondholders and some Senior Citizens, who are seeking exemption from the Programme.

“The Government’s Domestic Debt Exchange Program (DDEP) closed on Friday, February 10, 2023 with the participation of more than 80% of eligible bonds,” revealed a statement issued by the Ministry of Finance on Tuesday, February 14.

“The government would like to thank the people of Ghana for their patience and support during this very difficult time.”

He said with the participation of voluntary bondholders after the closing of the Program on Friday, the country has come close to securing an additional credit facility (ECF) of $3 billion from the International Monetary Fund (IMF).

“The DDEP was implemented to help protect the economy and improve our capacity to effectively service public debt.

“The alternative of not implementing the DDEP would be a serious disruption in the servicing of our national debt and exacerbate the current economic crisis.

“The government, therefore, is grateful for the overwhelming participation of all bondholders.

“Your support and contribution have brought your country closer to securing the IMF program.”

It asks individual bondholders, especially pensioners, who do not participate in the Program, to be sure that the coupon payments and the mature principal will be honored in accordance with the established rules.

By Laud Nartey|3news.com|Ghana

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