Debt Exchange deadline is full again for Friday
3Business can report that the government has extended the deadline to register for the domestic debt swap program to Friday, February 10, 2023.
According to the finance ministry, the debt exchange has officially ended, but an extension is needed to complete the online tender process for bondholders who face technical challenges.
“Consequently, the government has given bondholders an administrative window to complete the bond tender process, in response to the amended Exchange terms under the Exchange Memorandum 2 Amended and Restated. This administrative window ends on Friday, February 10, 2023 at 16:0 ( GMT),” the finance ministry said in a statement.
The government restructured part of the country’s total debt, about 575 billion cedis, in order to access $3 billion in funds from the International Monetary Fund. It is suspended payment for
The finance ministry has struggled to implement domestic debt restructuring as bondholders reject the program because of the lack of clarity about the terms and benefits of the new bonds.
It is unclear whether the government has met the 80% participation target to secure IMF board approval for the bailout it hopes to boost the economy.
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Sani Abdul-Rahman – 3 Business
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