DDEP: Gov’t Reaches Agreement With GSIA

DDEP: Government Reaches Agreement with GSIA

The Government and the Ghana Securities Industry Association (GSIA) have announced that they have reached an understanding on the terms of participation in the Domestic Debt Exchange Program (DDEP).

A joint statement from the government and the GSIA indicated that the requirement would require supplementing the terms of the Domestic Debt Exchange Program agreed with the banks for all GSIA members.

Also, Collective Investment Schemes (CIS) and individuals who have bonds in Trust Accounts with companies approved by the Securities and Exchange Commission (SEC), will be offered commercial terms agreed upon, or exemptions granted to Individual Bondholders.

According to GSIA, this agreement is necessary to restore market normality and confidence in the economy.
GSIA urges members to obtain all necessary internal approvals and client consents to participate in the DDEP in accordance with the new requirements in the updated Exchange Memorandum.

This agreement with GSIA brings to three, the number of organizations that have agreed to deal in terms of revision.

The government earlier in the week struck a deal with the Bankers Association of Ghana and the Ghana Insurers Association (GIA) for participation in the domestic debt exchange program.

By Vincent Kubi

Read the Full Story