Government has again extended the Domestic Debt Exchange Programme for the 5th time and Ken Ofori-Atta summoned by Parliament.
The extension by government is to pave another way for bond holders to complete tender processes after failure to accomplish that on Tuesday, February 7, 2023.
Government has struggled for the past couple of months trying to get the buy-in of key stakeholders and to support government’s efforts in restructuring its debt as part of the requirement to secure a $3bn IMF fund.
The extension which has been slated for February 10, 2023 is yet to be confirmed by the Minster of Finance, Ken Ofori-Atta as the final deadline.
The Finance Minister prior to this latest extension had previously moved the deadline from December 30 2022 to January 16, 2023 and then January 31, 2023 and February 7, 2023.
In a press statement, the Ministry of Finance explained that their decision doesn’t affect timetable of the exchange.
The timetable of the Exchange is not otherwise affected by this, except for the announcement date which is now expected to occur on Monday, February 13, 2023.
The settlement of the Exchange is still scheduled for Tuesday, February 14 2023. Except as set forth in this paragraph, the terms and conditions of the Exchange are not modified or amended.
Individual Bond Holders on Domestic Debt Exchange Programme
Mr Senyo Hosi, Convenor of the Individual Bondholders Forum In an interview with the Ghana News Agency remarked that they are and will keep advocating for its members’ financial wellbeing and educate them to make informed decisions with respect to the Domestic Debt Exchange Programme.
otherwise, we would sacrifice and this sacrifice can end up becoming useless.
We need to move on as a country. Let’s put this (DDEP) behind us so that we can shape the future together. Mr Hosi’s remarks.
Pension Bond Holders Forum: Domestic Debt Exchange Programme
Dr Adu Anane Antwi, Convener for Pension Bondholders Forum, however, said the announcement of deadline for signing up to the Domestic Debt Exchange Programme would not compel them to succumb to government’s demands and all they want is “for them to be exempted from the programme”.
We don’t care about any deadline. All we want is for us to be exempted from the programme, he remarked.
Ken Ofori-Atta Summoned by Parliament
Reports also indicate that the Finance Minister Ken Ofori-Atta has been summoned by Parliament.
Speaker of Parliament, Alban Bagbin has assured government that members are ready to assist government in this dilemma.
Parliament is ever prepared to assist government to get out of this quagmire. So, what I can say now is that, parliament has spoken and that is the end of it. The Minister must be scheduled by the business committee as early as possible because this is an urgent matter because the pensioners are picketing at the Ministry. We need to do this as quickly as possible. Business Committee should schedule the Minister to appear before the house for a brief on the state of affairs.
The Finance Minister has cautioned that failure to achieve restructuring will mean failure to secure an IMF deal and that will be disastrous for the country.
