Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has disclosed that government is looking at reopening the Domestic Debt Exchange Programme for persons who did not sign up to reconsider their decisions.
According to him, the move has been influenced by concerns of tradability by some investors who still want to hold on to the old bonds and government papers.
Dr. Adam added that the proposal could be considered soon with some measures taken to deal with the concerns of all investors.
Appealing to bondholders who did not sign up the first time, he urged such investors to take the opportunity when the window is opened to the public.
“Context is very important, maybe initially they didn’t understand the terms offered under the Domestic Debt Exchange Programme. So if they have changed their minds, they are welcomed” the minister added.
Ghana’s DDEP
Government in December 2022 launched the programme to allow investors holding government bonds to exchange it for new bonds under the Domestic Debt Exchange Programme (DDEP).
The programme was extended on three occasions with the offer finally ending in February 2023.
The debt operation is part of a comprehensive set of measures for reducing the present value of public debt to Gross Domestic Product (GDP) ratio to, at least, 55 per cent in the medium term by offering an effective cap on interest payments on public debt.
According to government, it had about 85 percent participation from bond holders.
Participation in the Domestic Debt Exchange Programme
The Finance Ministry in the statement at the end of February 2023 disclosed that it had more than 80 percent of the bond holders participating in the debt exchange programme.
However, there were some individuals who still did not participate in the programme.
By this, the investors who did not sign up for the DDEP stuck to the old terms of the initial bonds.
Subsequently challenges faced by government in honoring the bonds forced the old bondholders to picket the Finance Ministry.
Latest Stories
-
Livestream: Newsfile discusses first budget of Mahama’s second term, Dampare’s dismissal as IGP
47 minutes -
GOLDBOD Technical Committee holds successful stakeholder engagement in Tarkwa
54 minutes -
Angola, Benin, Burkina Faso, Cape Verde, Cameroon, many others in Trump’s potential new travel ban list
2 hours -
Asantehene directs immediate retrieval and return of stolen deity
3 hours -
Prof. Peter Quartey cautions government against capital market return
4 hours -
Appointing new IGP while injuction is pending is contempt of court – Kofi Bentil
4 hours -
Hajia Fati Forgor assumes office as the new Ghana School Feeding Programme National Coordinator
4 hours -
I haven’t authored any party financial report that has been rejected – Ex Ketu South MCE
7 hours -
Legacy Girls College celebrates 10 years of growth, excellence and empowerment
10 hours -
Afro Harmony calls for improved royalty systems for musical bands
11 hours -
Ghana, Nigeria, Chad, Rwanda among top polluted countries in the world – Report
11 hours -
Ghana’s air quality deteriorates again for the 3rd consecutive year – 2024 World Air Quality report
11 hours -
Take advantage of the National Apprenticeship Programme – NYA CEO urges youth
12 hours -
New leadership of National Film Authority engages industry stakeholders
12 hours -
NYA CEO Osman Ayariga reaffirms commitment to youth development at IYES 2025
13 hours