Debt Exchange Programme Extended To December 30
The Ministry of Finance (MoF), has announced the extension of the government’s Debt Exchange Programme to December 30, 2022.
The Debt Exchange Programme which was expected to expire on Monday, December 19, 2022, has been extended with a contemplated settlement date of Friday, January 6, 2023.
The Ministry of Finance, in a statement, explained that, the extension date comes on the heels of the announcement of the Staff Level Agreement (SLA) between the government and the International Monetary Fund (IMF) on December 13, 2022.
Considering these developments, and taking cognizance of the festive season, we have decided to extend the Expiration Date of the voluntary offer to Friday, December 30th, 2022, with a contemplated settlement date on Friday, January 6th, 2023.
This extension comes on the heels of the announcement of a Staff Level Agreement (SLA) with the IMF on 13th December 2022,” the Ministry’s statement said.
According to the Ministry of Finance, the extension will provide enough time for the necessary consultations with stakeholders.
The statement indicated that, “we believe this extension will provide enough time for the necessary consultations and analysis to be completed to meet the expectations of local and foreign institutional bondholders while preserving the integrity of the Debt Sustainability Analysis and the Staff Level Agreement”.
The Ministry of Finance reiterated that the extension date will also afford the government the opportunity to consider suggestions made by all stakeholders, thereby adjusting certain measures.
"We also fully considered feedback from the financial sector in relation to the need to secure internal and Executive Board approvals which are necessary considerations for their participation in the Exchange. This, in some instances, may require emergency board meetings etc."
The extension also affords Government of Ghana the opportunity to consider suggestions made by all Stakeholders with the aim of adjusting certain measures acceptable within the constraints of the Debt Sustainability Analysis,” the statement said.
Debt Exchange Programme
The Government of Ghana launched the Domestic Debt Exchange Programme on December 5,2022, affects Government of Ghana bonds listed on the Ghana Fixed Income Market (GFIM).