The Ministry of Finance says an agreement has been reached by government, the Ghana Association of Banks (GAB), the Ghana Insurers Association (GIA), and the Ghana Securities Industry (GSIA) regarding new terms of the domestic debt exchange programme.
A reviewed and final exchange memorandum will be released by tomorrow, Thursday 2, February 2023.
A statement issued by the Ministry of Finance said that based on the engagement with the representative groups of individual bondholders, all individual bondholders are free not to participate.
However, upon a successful domestic debt exchange programme there will be few of the old bonds in circular and likely limit its trade ability.
Given this, the government is pleased to make available the following alternative offer to encourage all individual bondholders to participate in the exchange.
All individual bondholders who are below the age of 59 years will be offered instruments with a maximum maturity of 5 years instead of 15 years and a 10 percent coupon rate.
All retirees including those retiring in 2023 will be offered instruments with a maximum maturity of 5 years instead of 15 years and a 15 percent coupon rate.
Furthermore, discussions are being finalised with Organised Labour and Pension Fund Trustee on a separate agreement in accordance with the memorandum of understanding signed with Organised Labour on December 22 last year.
