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"Ghana Reserves Right In Its Sole Discretion To Extend Timetable For Invitation" - Finance Ministry

The Ministry of Finance says Ghana reserves the right in its sole discretion to extend the timetable for the Invitation at any time.

According to the Ministry, this is as set in the Exchange Memorandum.

In a communique issued by the Finance Ministry, it said "Any Eligible Holders whose Eligible Bonds are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in the Invitation, as such entities may establish an earlier deadline to receive instructions to tender Eligible Bonds"

The Ministry added that in making this decision to extend, the Republic considered feedback from the financial sector in relation to the need to secure internal approvals.

Further, the extension affords the 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 Government’s Debt Sustainability Analysis.

The Ministry also hinted that the Settlement Date for the Invitation is now expected to occur on Friday, 6 January 2023, or as soon as practicable thereafter, but no later than the Longstop Date which is now scheduled for Monday, 13 January 2023, unless further extended by the Republic pursuant to the Invitation.

"The date that the Republic will announce the results of the Invitation is now expected to occur on or about 2 January 2023. Moreover, the issue date, interest accrual schedules, payment schedules and amortization schedules for the New Bonds will be adjusted to reflect the actual Settlement Date. Except as set forth in this paragraph, the terms and conditions of the Invitation are not modified or amended"

Below is a copy of the communique:

Story by: Joshua Kwabena Smith



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