DDEP: Government Sets Final Deadline For February 7
The government through the Ministry of Finance has extended the deadline for the Domestic Debt Exchange Program (DDEP) for the fourth time.
According to the Ministry of Finance, the final extension is required by the development including the latest offer for individual bondholders.
In a press release, the Ministry said that the offer of the latest revised instrument with a maximum life of 5 years, instead of 15 years, and a coupon rate of 10 percent for individual bondholders below the age of 59 is to encourage them to participate in the Exchange.
Also, all retirees (including those retiring in 2023) will be offered instruments with a maximum life of 5 years, instead of 15 years, and a coupon rate of 15 percent.
Bondholders are advised to start the administrative process for participation in the Exchange and add discussions to be completed with Organized Labor and the Pension Fund, with separate arrangements according to the Memorandum of Understanding signed with Organized Labor (on December 22, 2022). in line with the government’s debt management program.
The revised and final Exchange Memorandum is expected to be released by the government on Thursday, February 2, 2023, after agreement with the Ghana Association of Banks (GAB), the Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA). .
“With this, the Government encourages all stakeholders to participate in the DDEP, an important step towards achieving debt sustainability targets and restoring macroeconomic stability and economic growth,” the release said.
“The development requires a final extension from January 31, 2023, to Tuesday February 7, 2023, and a new settlement date of Tuesday February 14, 2023 which will be confirmed through a new Exchange Memorandum.”
Find the press release below
By Vincent Kubi
The post DDEP: Government Sets Deadline For February 7 appeared first on DailyGuide Network.
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