bondholders Archives - Wontumi Online

26 Jun

Finance Minister Urges Bondholders To Accept Terms Reached In Restructuring $13.1Bn Debt

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The Finance Minister, Dr. Mohammed Amin Adam has asked bondholders to accept the terms reached on restructuring some $13.1 billion owed Eurobond holders. According to him, Ghana will launch the consent solicitation in the coming weeks to implement the “agreement in principle reached for restructuring the $13.1 billion Eurobond debts”. He disclosed this at the 11th Edition of Paris Forum which was held on the theme “For Successful Debt Treatment for Future Investment Summit” in France. “We remain committed to engaging and resolving our non-bonded commercial indebtedness”, Dr. Amin Adam said. Background The committee of holders of Ghana’s Eurobonds on…

24 Jun

Bondholder Committee Reaches Agreement In Principle With Ghana On Debt Restructuring

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The Committee of holders of Ghana’s Eurobonds has announced that it has reached an agreement in principle with the government of Ghana on a restructuring of the Eurobonds. This was captured in a statement released by the Bondholder committee today, Monday, June 24. Details of the Agreement The statement showed that the proposed agreement on the restructuring of the Eurobonds will resolve Ghana’s default on the Eurobonds in a manner that, “It will provide significant cash flow and debt stock relief to support Ghana’s economic recovery in the context of the IMF-financed programme.” “Alongside debt relief, the Committee recognises that…

21 Jun

Government, Bondholders Reach Agreement In Principle To Restructure $13Bn Debt, Sources Say

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Ghana has reached an agreement in principle with its bondholders for the restructuring of $13 billion worth of international debt, three sources told Reuters on Thursday, on the heels of a deal finalised with official creditors earlier this month. The deal will see bondholders take a haircut on principal of up to 37% and maturity of the bonds lengthened, two of the sources said. Ghana defaulted on most of its $30 billion in external debt in 2022, under the strain of the COVID-19 pandemic, the war in Ukraine and higher global interest rates and surging debt. Like Zambia, Ghana also signed up…

27 Feb

SONA 2024: GH¢5.8Bn Paid To Bondholders – Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo has revealed that the government has fulfilled its financial pledges by clearing the final coupons owed to domestic bondholders. In 2023, the government initiated a domestic debt exchange program aimed at individual and pension bondholders as part of its revenue strategy to meet the requirements of an agreement with the International Monetary Fund (IMF). Delivering the State of the Nation address (SONA) to Parliament on Tuesday, February 27, President Akufo-Addo disclosed that, an amount of GH¢5.8 billion has been paid to the bondholders. “A week ago, last Tuesday, on 20th February 2024, the second coupon…

15 Apr

Bondholders: Joint Technical Committee Agrees On Pathway For Payment Of Their Outstanding Debt

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The Ministry of Finance has engaged representatives of the Coalition of Individual Bondholders and the Pensioner Bondholders Forum on their outstanding debt. Following the meeting, significant progress has been made on the outstanding domestic debt service obligations, the Ministry said. “The meeting chaired by Deputy Minister, Abena Osei-Asare, MP agreed that the Joint Technical Committee constituted on 18th January 2023 reconvenes and agrees on a pathway, towards the settlement of the outstanding debt obligations, by 28th April 2023,” a statement said. It added, ” The Ministry of Finance takes this opportunity to thank the Coalition of Individual Bondholders Groups and the…

29 Mar

Ghana, Bondholders’ Advisers Kick Off Debt Talks Under Non-Disclosure Agreements — Sources

wontumionlineBusinessbondholders, Finance Minister Ken Ofori-Atta

Ghana's government and international bondholders are pushing forward with formal debt talks after advisors to both sides signed non-disclosure agreements (NDA), three sources with direct knowledge of the matter told Reuters today. According to the report monitored by Graphic Online, the government which suspended payments on most of its external debt last year, has picked Lazard as its financial adviser, while a group of international private lenders are represented by Rothschild & Co. The report said Ghana's dollar-denominated debt is more than $13 billion across maturities ranging from 2023 to 2061, according to Refinitiv data. Reuters also noted that after…

15 Mar

Expect Coupon, Principal Payments On Bonds In 48hrs – Finance Ministry Assures Bondholders

wontumionlineBusinessbondholders, DDEP, ministry of finance, Senyo Hosi

The Ministry of Finance has assured that bondholders whose coupon and principal payments matured on February 6, 2023, and February 13, 2023 will receive their funds within the next 48 hours. The assurance comes after bondholders complained of not receiving their payments on Monday, March 13, 2023. According to a statement, the processes to settle the payments on outstanding bonds commenced on the March 13, 2023. “The initial instruction covers coupon and principal payments on bonds that matured on March 6, 2023 and February 13, 2023. Holders of the afore-listed bonds should therefore expect to receive their payments within the…

14 Feb

Finance Ministry Confirms Over 80% Participation In DDEP

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The Finance Ministry has confirmed that government secured over 80% participation in the Domestic Debt Exchange Programme (DDEP). This indeed confirms an earlier report by Joy Business that the Government of Ghana has met its target with about 86% participation. In a statement, it said the “Government’s Domestic Debt Exchange Program (DDEP) closed on Friday February 10, 2023 with over 80% participation of eligible bonds. The government wants to thank the people of Ghana for their forbearance and support throughout these very difficult times”. It however maintained that the programme is voluntary, insisting that persons that have challenges have the…

08 Feb

DDEP: Government Commends Bondholders Who Have Tendered Their Bonds

wontumionlineBusinessbondholders, Domestic Debt Exchange, Ken Ofori Atta, ministry of finance

The Government of Ghana has commended all bondholders who have so far tendered their bonds. In a statement signed by the Finance Minister, Ken Ofori-Atta, the government, however, expressed concern about the technical challenges some bondholders face as they tried to complete the online tender process. As a result, the government said it was providing bondholders with a window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum. This window ends on Friday February 10, 2023 at 4:00 pm (GMT). The timetable of the…

07 Feb

DDEP: Government Hopeful Bondholders Will Register For Programme

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Government is optimistic all bondholders will sign up for the Domestic Debt Exchange Programme, as registration unto the programme expires today, February 7, 2023. This, according to Minister of Finance, Ken Ofori-Atta will ensure macro-economic stability is restored. Addressing Ghanaians on the Monday, he noted that, “As a government, our singular motivation for taking this rather difficult road is to restore macro-economic stability, achieve debt sustainability and get the economy fully back on track. We know that these are necessary pre-conditions for creating jobs; safeguarding and enhancing incomes; fostering inclusive growth; and restoring hope to Ghanaians.” He also cautioned that…