Government delays the date for new bond settlement in a debt exchange

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After obtaining a participation rate of roughly 85%, the government decided to postpone the settlement deadline for bonds under the domestic debt exchange scheme by another week.

The previous deadline for settlement, which was February 14, has now been moved up to February 21 of 2023.

The government claims that the action is being taken to give it enough time to properly conduct the settlement of the new bonds.

“To provide sufficient time to settle the New Bonds in an efficient manner, the Government is extending the Settlement Date of the Exchange from the previously announced 14th February 2023 to 21st February 2023”, the Ministry of Finance said in a statement.

The real settlement date will be reflected in the new bonds’ issuance date, interest accrual schedules, and payment schedules.

After the exchange time has ended, no more tenders will be accepted, and neither revocations nor withdrawals are allowed.

The government revealed the outcomes of the Domestic Debt Exchange Programme (DDEP), which ended on February 10, 2023, in the announcement.

The Ministry of Finance disclosed that, out of a possible GH 97,749,624,691 under the scheme, it had successfully traded old bonds totaling GH 82,994,510,128.

Source: Ghanatodayonline.com

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