The government of Ghana has extended the domestic debt exchange program’s expiration date from today, January 16, to January 31, 2023.
The Office of the Finance Minister revealed this in a tweet on Monday.
“Building consensus is key to a successful economic recovery for Ghana. Pending further stakeholder engagement with institutional and individual investors, recently invited to join the debt exchange programme, government is extending the expiration of the DDE to Jan 31, 2023,” the tweet stated.
The government has extended the deadline for individual bondholders to voluntarily exchange their bonds for new ones for the third time.
The government started the initiative to invite bondholders to voluntarily exchange about GH137 billion in domestic notes and bonds of the Republic, including ESLA and Daakye, for a bundle of new bonds in an effort to address the nation’s persistent economic woes.
It is currently unknown how many institutions and individuals have agreed to participate in the initiative.
Since its announcement, the domestic debt exchange programme has received fierce criticism from labour unions, which were successful in exempting pension funds.
Individual bondholders who were included after pension funds were exempted have also spoken out strongly against their inclusion.
The issue has put the government in a difficult position.
By: Bernard Ralph Adams | Metrotvonline.com | Ghana