Government secures almost ¢4bn worth of bonds after re-opened DDEP exercise

Government has been able to secure almost ¢4 billion worth of Bonds after it re-opened the Domestic Debt Exchange Programme(DDEP) .

The exercise was to offer investors who failed to participate in an earlier offer which closed in February a new opportunity.

A statement issued by the Ministry of Finance disclosed that settlement for the bonds will be done on 29th of September.

Joy Business has learned that about ¢4 billion which puts total participation to 90 percent.

Below is the statement

The Government Announces Results of the reopening of the Domestic Debt Exchange

ACCRA, 26^th September 2023 …  The Government announces today the results of the reopening of its domestic debt exchange which closed at 4:00 p.m. on 22^nd September 2023. Holders eligible to participate in the reopening (as determined by the Central Securities Depository) tendered an aggregate amount of GHS3,990,828,533 of outstanding Eligible Bonds. Capitalised terms used but not defined herein have the meaning ascribed to such terms in the Exchange Memorandum (as amended from time to time) available at https://projects.morrowsodali.com/GhanaDDE and https://mofep.gov.gh/news-and-events/debt-operations.

2. The Government deeply expresses its appreciation to bondholders and key stakeholders for their immense support of the Domestic Debt Exchange Programme (DDEP), the results of which constitute a significant achievement for the Government to implement fully the economic strategies in the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.

3. Attached overleaf as an Appendix Table presents the details regarding the results of the reopening of the domestic debt exchange.

4. As the Invitation Period has expired, no new tenders will be accepted, and no revocations or withdrawals are permitted. For more details on these procedures, please refer to the Exchange Memorandum or contact the Central Securities Depository (CSD) at the contact information below.

5. The settlement of the New Tranches pursuant to the Invitation to Exchange is expected to occur on 29^th September 2023, when the Government will issue the New Tranches to Eligible Holders whose offers have been accepted for credit to the account of such tendering Eligible Holder at the CSD. The Government reserves the right to extend such settlement date (including with respect to one or more series of Eligible Bonds). END

ISSUED BY THE PUBLIC RELATIONS UNIT

MINISTRY OF FINANCE

THE NEWS EDITOR

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The CSD may be contacted for assistance and with regard to matters related to the Invitation processing, repurchase agreements, or matters related to the submission of Offers or Instructions to Exchange at:

CSD Contact Centre