Government extends pension funds, dollar domestic debt exchange expiration deadlines

The Government has opened an administrative window for the GHS31 billion pension funds and USD809 million domestic notes and bonds to August 25, 2023.

The move is to allow bondholders who have not tendered additional time to secure internal approvals to participate in the debt exchange programme, the Ministry of Finance said in a statement copied to the Ghana News Agency on Tuesday.

The announcement date for both programmes is now on or about Monday, August 28, 2023, with September 1, 2023, as the Settlement Date, while the Longstop Date was Monday, September 4, 2023.

The issue date, interest accrual schedules, payment schedules, and amortisation schedules for the New Bonds will be adjusted to reflect the actual settlement date, the Ministry stated.

The Government on July 14 and July 31, 2023, domestic debt exchange pursuant to which it invited Eligible Holders to exchange approximately USD809mn of its dollar-denominated domestic notes and bonds and a swap of GHS31bn in pension funds for new ones.

That was part of efforts to address its liquidity challenges in the country under the US$3bn International Monetary Fund (IMF) loan-support programme.

‘The Government would like to thank all eligible holders who have so far tendered their eligible bonds.

Source: Ghana News Agency