DDEP: The government extended the window for bondholders to complete the tender process
The government has extended the window for bondholders to complete the tendering process as part of a controversial domestic debt swap program.
The deadline to register for the program expires today, Tuesday, February 7, 2023, but the government in a late night press statement said that some bondholders faced “technical difficulties when trying to complete the online tender process” so the window enabled those to complete the process.
So they have been given three days to do it.
“Consequently, the Government has given bondholders a window to complete the bond tender process, in response to the Exchange’s amended terms under the Amended and Restated Exchange Memorandum. This window ends on Friday, February 10, 2023 at 16:00 (GMT), ” said the Minister of Finance in a statement signed by the minister of the sector, Ken Ofori-Atta.
Banks under pressure to force customers to accept DDEP – Senyo Hosi
The organizer of the Individual Bondholder Forum, Senyo Hosi, has said that some banks under pressure to force customers to accept the Domestic Debt Exchange program as the deadline approaches.
Mr. Hosi described the move as illegal and unethical and added that forcing banks’ customers to accept the program could doom the country in the future.
“Unfortunately in the market, we see some actions that are unethical and also illegal. We see pressure coming from various parties that make banks to try and force customers to try and tender or accept DDE, which is illegal, which is unethical and It’s rude,” Mr. Hosi said Tuesday on Eyewitness News.
Below is the full statement from the Ministry of Finance:
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