Government, banks agree on new terms for the debt exchange program

The Ghana Government and the Ghana Association of Banks (GAB) have made tremendous progress in terms of bank participation in the Domestic Debt Exchange Programme (DDEP).

The revised agreement includes final adjustments to the program’s conditions.

These include an agreement to pay a 5% coupon for 2023 and a single coupon rate for each of the twelve (12) new bonds, resulting in an effective coupon rate of 9%, clarity on the operational framework and terms of access to the Ghana Financial Stability Fund (GFSF), and the removal or modification of all clauses in the Exchange Memorandum that empower the Republic to vary the terms of the Exchange at its sole discretion.

In a statement on Monday, January 23, the Ghana Banks Association said it “recognises the progress made and notes that participation of its member banks in the DDEP, per the new terms, is subject to each individual bank’s internal governance and approval processes but, in any case, not later than January 30, 2023”.

“This is a significant milestone toward addressing our economic challenges, and will thus help to restore macro-economic stability and accelerate Ghana’s economic growth.”

“With this achievement, the government of Ghana reiterates its commitment to concluding the DDEP in time with all other stakeholders”.

By: Bernard Ralph Adams | | Ghana


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