BREAKING NEWS: Latest Update On Domestic Debt Exchange Finally Drops; Deadline Announced -Finance Ministry Issues Statement

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Latest Update On Domestic Debt Exchange Finally Drops; Deadline Announced

The deadline for the domestic debt exchange programme has been pushed forward to December 30, the Ministry of Finance has announced.

The Ministry said in a statement that over the last ten days since the programme was launched on December 6, it continued the consultation efforts that it initiated with all stakeholders ahead of the launching of the offer, including regulators, bankers, pension funds, asset managers, insurance companies etc.

Complementing the efforts on the structure of the offer, the Ministry said, it is working with the Bank of Ghana and other regulators in the financial sector and our Advisors and including input from various institutions and the Unions.

“We also fully considered feedback from the financial sector in relation to the need to secure internal and Executive Board approvals which are necessary considerations for their participation in the Exchange.

“This in some instances may require emergency board meetings etc. The extension also affords Government of Ghana the opportunity to consider suggestions made by all Stakeholders with the aim of adjusting certain measures acceptable within the constraints of the Debt Sustainability Analysis.

“Considering these developments, and taking cognizance of the festive season, we have decided to extend the Expiration Date of the voluntary offer to Friday December 30th, 2022, with a contemplated settlement date on Friday January 6th, 2023.”

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This extension comes on the heels of the announcement of a Staff Level Agreement (SLA) with the IMF on 13th December 2022.

“We believe this extension will provide enough time for the necessary consultations and analysis to be completed to meet the expectations of local and foreign institutional bondholders while preserving the integrity of the Debt Sustainability Analysis and the Staff Level Agreement,” the Ministry stressed.

–By 3news—

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