Audio By Carbonatix
Individual bondholders’ have now been included in the domestic debt exchange programme as the Government of Ghana has announced the further extension of the expiration date of its Domestic Debt Exchange to January 16, 2023.
The government also announced amendments to the terms of the domestic exchange programme.
Individual investors were initially not part of the domestic debt restructuring, but it appears the exemption of pension funds from the programme has triggered that.
A statement from the Finance Ministry indicated an expansion of investors in the debt exchange programme to now include individual investors.
"Expanding the type of investors that can participate in the Exchange to now include Individual Investors", it pointed out.
“In addition to the foregoing extensions, the government announces the following modifications to the Invitation to Exchange, which are set forth in further detail on the Term Sheet attached as Annex A to this press release”.
Offering accrued and unpaid interest on Eligible Bonds, and a cash tender fee payment to holders of Eligible Bonds maturing in 2023;
Increasing the New Bonds offered by adding eight new instruments to the composition of the New Bonds, for a total of 12 New Bonds, one maturing each year starting January 2027 and ending January 2038;
Modifying the Exchange Consideration Ratios for each New Bond. The Exchange Consideration Ratio applicable to Eligible Bonds maturing in 2023 will be different than for other Eligible Bonds;
Setting a non-binding target minimum level of overall participation of 80% of aggregate principal amount outstanding of Eligible Bonds; and
Expanding the type of investors that can participate in the Exchange to now include Individual Investors.
“These modifications will be set forth fully in an Amended and Restated Exchange Memorandum which is expected to be published during the week of 26th December 2022. Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omission, defect, error or inconsistency may be included in the Amended and Restated Exchange Memorandum”, the statement added.
Latest Stories
-
Mahama, Jamaican leaders hold bilateral talks to deepen Ghana-Jamaica ties
1 minute -
Community media key to Ghana’s cyber resilience – Deputy Communications Minister
5 minutes -
Mahama to push for Caribbean inclusion in AfCFTA as AU Chairman
8 minutes -
NPP must reclaim intellectual advantage from NDC – Mustapha Abdul-Hamid
12 minutes -
NDC doesn’t have to fail for Bawumia to win 2028 elections – Kpandai MP
16 minutes -
Sedina Tamakloe case: Prosecution appeared focused on conviction, not justice – Inusah Fuseini
21 minutes -
Two killed, six injured in fiery multi-vehicle crash near Bunso Junction
26 minutes -
ECG announces power outage in parts of Tema over network fault
30 minutes -
NPP secures police approval for August 6 protest over Sedina Tamakloe acquittal
31 minutes -
300-seat Parliament will burden the state, says Inusah Fuseini
35 minutes -
Ghana Reference Rate climbs to 10.61% in August, signalling fresh pressure on borrowing costs
40 minutes -
Fuel price relief measures may not be sustainable in the long term – COPEC
47 minutes -
Court of Appeal erred in acquitting Sedina Tamakloe – Baffour Awuah
58 minutes -
Yes, it will delay us, but democracy isn’t meant to be fast – Kwasi Prempeh on Constitution Review
1 hour -
Inusah Fuseini opposes proposal to extend presidential term to five years
1 hour