The Ghana Chamber of Corporate Trustees has requested a one month extension of the December 19 deadline for the debt exchange programme.
Bondholders were expected to exchange their old bonds for a set of four new bonds maturing in 2027, 2029, 2032 and 2037 – all in a bid of restoring the nation’s capacity to service its debt.
The programme which was commenced last week is expected to impact on bonds and consequently pension funds as they will see a slash in interest payments to zero percent in 2023 and five percent in 2024.
According to the Chamber, the extension is necessary as engagements with stakeholders who will be impacted by the debt restructuring are still ongoing.
Also, they have suggested that “some key revisions of the debt-restructuring proposal will be needed in order to safeguard the interests of our contributors.”
Meanwhile, they have urged the Finance Ministry to confirm the government’s willingness to bear the expenses of a domestic bondholders committee, which will co-ordinate among creditors to expedite subsequent discussions of the proposed debt-restructuring proposal.
“This would be consistent with the established norms of contemporary sovereign debt restructuring,” the Chamber said.
Latest Stories
-
You are a son of Gonjaland and you have my blessing to be president – Gonja King to Bawumia
43 mins -
Market sentiments contributing to cedi depreciation – Lord Mensah
47 mins -
Ghanaian film maker wins best unscripted series in AMVC
1 hour -
Blame Parliament for SALL disenfranchisement, not EC – Bossman Asare tells IMANI Africa
2 hours -
Inflation to decline much faster in May 2024 – Report
2 hours -
Slovak PM Robert Fico carried to car after being shot
2 hours -
We need stakeholder engagement, not firefighting approach – CDD-Ghana fellow tells government
2 hours -
Fitch revises outlook on Zenith, Access, 3 others to positive
2 hours -
WAFU B U-17 Cup of Nations: Black Starlets thump Côte d’Ivoire in Group A opener
2 hours -
AngloGold Ashanti delivers steady start to 2024; Gold production up +2% year-on-year
2 hours -
Fidelity Bank joins forces with Proxtera to empower Ghana’s SMEs on GIFE Platform
3 hours -
Five men accused of murdering South African rapper AKA denied bail
3 hours -
GH Queens reality show secures win for Ghana at AMVCA 2024
3 hours -
Over 400 Deloitte Ghana staff mark ‘Volunteer Day’ to impact about 12,000 school children
3 hours -
ECG commences skills development programme to address unemployment
3 hours