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Government has announced that it has achieved over 80% participation of eligible bonds in the Government’s Domestic Debt Exchange Program (DDEP).
The Government’s Domestic Debt Exchange Program (DDEP) closed on Friday 10th February 2023.
In a statement, the government noted that throughout the exercise, it has always affirmed the crucial fact that individual bondholders are free not to participate, and thus, the right of the individual to self-exempt was never in doubt.
“a. From the onset of the DDEP to its closure on Friday 10th February 2023, the participation in the programme was voluntary.
b. Having in mind that the entire exercise was voluntary, all throughout the exercise, Government always affirmed that crucial fact “that individual Bondholders are free not to participate”. Thus, the right of the individual to self-exempt was never in doubt.
c. However, under the circumstances, Government at the same time, always made a strong but humble appeal to bondholders to participate in the DDEP; seeing it as a very critical act of burden-sharing in the ongoing national effort to tackle the economic crisis, bring back macroeconomic stability and guarantee sustainable growth and prosperity for the people of Ghana.
d. Government in addition, offered alternatives to encourage individual bondholders and retirees to tender for the new bonds which will have wider secondary market circulation,” excerpts of the statement read.
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The Ministry of Finance has also revealed that it has taken note of all additional input made by various stakeholders during the DDEP engagement to further streamline the expenditures and assured Ghanaians of its full commitment to addressing these issues.
The Ministry has since assured, all Individual bondholders, especially senior citizens, that their coupon payments and maturing principals, like all Government bonds, will be honored in line with Government’s Fiscal commitments.
“The alternative of not executing the DDEP would have brought grave disorder in the servicing of our national debt and exacerbated the current economic crisis,” a statement from the MoF added.
Ghana | Atinkaonline.com | Vivian Adu