Government reaches over 80% target on Domestic Debt Exchange Program

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The government reportedly exceeded the required 80% objective for the Domestic Debt Exchange Program (DDEP).

Before Ghana to get an estimated $3 billion economic rescue from the International Monetary Fund (IMF), the program is one of the prerequisites.

The aim was achieved on Friday, February 10, 2023, according to some intimate associates of the team that worked on the initiative, who spoke with media.

This week’s program results are likely to be officially announced by the Finance Minister, Ken Ofori-Atta.

Despite the Pension Funds’ absence from the scheme, the government was nonetheless able to meet its goal.

“The programme was largely successful due to significant participation by institutional bondholders in the offer like the major banks, insurance firms and securities industry players,” a source told media.

There is proof that some individual bondholders freely engaged in the scheme, notwithstanding the criticism of the Individual Bondholders Forum, an organization that objected to the initiative.

When a formal statement is made, it is anticipated that the government will go into further information about the percentage of certain bondholders that participated.

The exchange’s settlement is slated to take place on Tuesday, February 14, 2023.

If the administration is successful in finalizing all DDEP agreements, it will open the door for the restructuring of foreign debt, which is not anticipated to encounter strong opposition.

Source: Ghanatodayonline.com

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