• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, March 31, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

DDEP: Deadline Further Extended To Tuesday, February 7th, 2023

February 1, 2023
Priscilla Dziedzorm FiakpornubyPriscilla Dziedzorm Fiakpornu
in Economy
0
DDEP: Deadline Further Extended To Tuesday, February 7th, 2023

Hon. Kenneth Yaw Ofori Atta - Minister of Finance, Ghana

The Government of Ghana has further extended the deadline of its Domestic Debt Exchange Programme (DDEP) to Tuesday, February 7th, 2023.

Prior to this, Ghanaians have speculated further extension of the deadline, due to the inconclusiveness of the government on its terms and conditions as far as the debt exchange program is concerned.

Further extension to the overdue Domestic Debt Exchange Programme has validated previous speculations made.

RelatedPosts

Policy Rate: Fitch Solutions Revises Benchmark Rate To 30.5% At End-2023

Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements

Global Economy’s ‘Speed Limit’ Set To Fall To Three-Decade Low- World Bank

According to the Ministry of Finance (MoF)’s press release dated, January 31st, 2023 – which was also supposed to be the final deadline to signing up for the exchange programme, the government announced its final extension of the programme to Tuesday, February 7th, 2023.

This is to allow it more room to finalize on its discussions with various stakeholders.

Further updates from the press release reveal that the government has made a head way on its negotiations and further engagements with the key stakeholders to the debt exchange programme.

“The Government of Ghana has made significant progress with all stakeholders, including financial sector industry associations and representative groups of individual bondholders, with respect to their participation in the Domestic Debt Exchange Programme (DDEP).”

MoF Press Release
4add0ec0 7617 11ed 94b2 efbc7109d3dd
Ghana Domestic Debt Exchange Programme

Going on, the government has announced that all key stakeholders engaged, that includes: the Ghana Association of Bankers (GAB), Ghana Insurers Association (GIA) and the Ghana Securities Industry Association (GSIA) have accepted the new modifications made to the programme.

To this effect, government stated that it will release a revised and final Exchange Memorandum tomorrow, Thursday, February 2nd, 2023, detailing its agreements with the key stakeholders to the programme.

DDEP: Government’s New Offer To Stakeholders

Based on the agreements reached so far with the representative groups, government’s new offer includes: an affirmation that all individual bondholders are free not to participate, however, noted that there will be very few of the ‘old bonds’ in circulation and a likely limit placed on its tradability to ensure the success of the DDEP.

In this regard, the Government has made available alternative offers to encourage all individual bondholders to participate in the Exchange.

“All individual bondholders who are below the age of 59 years will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate.

“All retirees (including those retiring in 2023) will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.”

MoF Press Release
finance ministry
Ministry of Finance

All these new arrangements, the government added, will form part of the new Exchange Memorandum to be released tomorrow, Thursday, February 2nd, 2023.

“Additionally, discussions are being finalized with Organized Labour and Pension Fund Trustees, on a separate arrangement in accordance with the Memorandum of Understanding signed with Organized Labour on 22nd December 2022, and in line with government’s debt management Programme.”

MoF Press Release

The Government is therefore by this notice, encouraging all stakeholders to participate in the DDEP, which it stated is a necessary step towards attaining its debt sustainability targets and restoring macroeconomic stability and economic growth.

All these recent developments have called for further extension of the DDEP deadline to February 7th, 2023 as well as further extension of the settlement date to February 14th, 2023.

Moreover, this information, the government indicated, will be confirmed in the updated Exchange Memorandum.

Government, in its concluding remarks, expressed appreciation to the various stakeholders for their cordial engagements since the beginning of the DDEP, making the program progressive and remarkable.

“All bondholders are hereby encouraged to commence all administrative processes towards their participation in the Exchange, in line with the agreements reached.”

MoF Press Release

READ ALSO: President Akufo-Addo’s Regional Tours Last Year Cost The Suffering Ghanaian Taxpayer GHS16.9 Million- Ablakwa

Tags: DDEPExchange MemorandumGhana Association of BankersGhana Insurers AssociationGhana Securities Industry AssociationIndividual BondholdersKen ofori-attaMinistry of Finance

Related Posts

Policy Rate: Fitch Solutions Revises Benchmark Rate To 30.5% At End-2023
Economy

Policy Rate: Fitch Solutions Revises Benchmark Rate To 30.5% At End-2023

March 31, 2023
Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements
Economy

Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements

March 28, 2023
Global Economy’s ‘Speed Limit’ Set To Fall To Three-Decade Low- World Bank
Economy

Global Economy’s ‘Speed Limit’ Set To Fall To Three-Decade Low- World Bank

March 27, 2023
Bank of Ghana Goes Hawkish, Hikes Monetary Policy Rate By 150 Basis Points
Economy

Bank of Ghana Goes Hawkish, Hikes Monetary Policy Rate By 150 Basis Points

March 27, 2023
Ghana’s Int’l Reserves Boost Slightly To $2.62bn; BoP Remains Negative- BoG
Economy

Ghana’s Int’l Reserves Boost Slightly To $2.62bn; BoP Remains Negative- BoG

March 27, 2023
Finance Ministry Announces Payment of Coupons Covering 2 Year and 20 Year Notes
Economy

Finance Ministry Announces Payment of Coupons Covering 2 Year and 20 Year Notes

March 25, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Alan Kyerematen Not Supoorted By Npp Big Men

Next Post

Myanmar’s Military Is Increasing Airstrikes – Rights Group

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
MOE PRO Replies To Mahama’s ‘Even Dogs Will Reject Free SHS Food’ Comment
General News

MOE PRO Replies To Mahama’s ‘Even Dogs Will Reject Free SHS Food’ Comment

by Sam SamMarch 31, 2023
Japanese Foreign Minister To Visit China
Asia

Japanese Foreign Minister To Visit China

by Comfort AmpomaaMarch 31, 2023
Government Urged To Promote Young Graduates Innovational Projects
Vaultz Business

IAU Appeals To Government To Help Promote Innovational Projects By Young Graduates

by Gifty BansahMarch 31, 2023
Dr William Ackah, a Senior Researcher of Building and Road Research Institute (BRRI), has revealed that the issue of road safety is dependent on the effort of the public in ensuring its roads remain safe.
General News

Roads Ministry Debunks Claims Of Diverted Funds Intended for Afram Plains Bridge Construction

by Angeller AshongMarch 31, 2023
UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence
Technology

UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence

by Stephen M.CMarch 31, 2023
Pope Francis To Leave Hospital On Saturday
Europe

Pope Francis To Leave Hospital On Saturday

by Comfort AmpomaaMarch 31, 2023
MOE PRO Replies To Mahama’s ‘Even Dogs Will Reject Free SHS Food’ Comment
Japanese Foreign Minister To Visit China
Government Urged To Promote Young Graduates Innovational Projects
Dr William Ackah, a Senior Researcher of Building and Road Research Institute (BRRI), has revealed that the issue of road safety is dependent on the effort of the public in ensuring its roads remain safe.
UNESCO Calls on All Governments to Implement Ethical Rules for Artificial Intelligence
Pope Francis To Leave Hospital On Saturday
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In