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Report by Edward FRIMPONG
The Government of Ghana has announced three (3) sequential developments concerning the successful settlement and conclusion of Ghana’s Domestic Debt Exchange Programme (DDEP).
The government said, “Firstly, the newly issued bonds have been settled and listed and will become the new benchmark bonds for the fixed-income market. The Ministry of Finance will work with relevant stakeholders, as agreed, to ensure that these new benchmark Securities become the basis for deepening the domestic sovereign bond market.”
A press statement issued by the Public Relations Unit from the Finance Ministry noted that “In fulfillment of the assurance given by the Government to bondholders who did not tender, the Ministry is taking administrative steps to ensure that payments of coupons and principals of the old bonds resume by 13th March 2023.”
The statement added that “On Friday, 24 February 2023, S&P Global Ratings raised Ghana’s local currency sovereign credit ratings from Selective Default (SD) to CCC+/C. This acknowledges the completion of the DDEP with the successful delivery of new securities to bondholders. In doing so, the selection default is substantially cured”.
While Government takes the opportunity to assure external creditors of their equal importance to the republic of Ghana. The above following developments are expected to accelerate the engagement with external creditors.
“We will, therefore, continue to work together to advance the progress of our external debt treatment, to ensure Ghana’s long-term macroeconomic stability,” the statement concluded.
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