DDEP Archives - Page 4 of 4

22 Feb

Bond Market: Turnover Declines 80.3% To ¢135.63 M

wontumionlineBusinessBond market, DDEP, turnover

Market activity on the bond market declined sharply as total turnover plummeted 80.3% to ¢135.63 million. This is coming after the government concluded the Domestic Debt Exchange Programme last week. The recorded transactions on bonds were not actual trades but mostly fund transfers from the non-eligible participants and exempted groups. On the front of the DDEP, the government achieved a participation rate of 84.91% of the reclassified outstanding principal of ¢97 billion as it concluded the DDEP. The total amount tendered, however, constituted 63% of the total outstanding principal on the eligible bonds presented in the exchange memorandum. Analysts believe…

21 Feb

Fitch Downgrades Ghana Again To ‘Restricted Default’ After Failing To Pay $40.6m Coupon

wontumionlineBusinessDDEP, Ghana

Ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’ after the country missed the grace period to make a coupon payment ($40.6 million) on one of its Eurobonds. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. Fitch also downgraded the rating of the country’s $1 billion Eurobond maturing on January 18, 2026 to ‘D’ from ‘C’ and withdrawn its rating. It affirmed all the long-term senior unsecured foreign-currency-denominated issue ratings at ‘C’ and withdrawn their ratings. It also affirmed the partially-guaranteed $1 billion notes…

20 Feb

Cedi Losses Some Stability; $1 Equals ¢12.90

wontumionlineBusinessBoG, CEDI, DDEP, dollar

The recent gains by the Ghana cedi has come to a halt as the local currency lost some stability to the US dollar today February 20, 2023. At the forex bureaus today, the cedi was going for ¢12.90 to one American ‘greenback’. The same story could also be told about the pound and the euro, as the cedi was being sold for ¢15.20 and ¢13.60 respectively. However, the Bank of Ghana is quoting a dollar at ¢10.80 on the interbank market. On Friday, February 17, 2023, the cedi traded at ¢12.75 to one American currency. Prior to that, the cedi…

17 Feb

Successful DDEP Will Build Momentum For External Debt Restructuring – Ofori-Atta

wontumionlineBusinessCommon Framework, DDEP, Ken Ofori Atta

The Minister of Finance, Ken Ofori-Atta, is confident that the successful implementation of the Domestic Debt Exchange Programme (DDEP) will build momentum for the country’s external debt restructuring programme. In an address to Parliament on Thursday, February 16, 2023, the Minister stated that the completion of the DDEP, which was aimed at alleviating the country’s debt burden in a transparent and efficient manner, would help pave the way for a much-needed external debt restructuring programme. The DDEP, part of the government’s broader fiscal policy to address the country’s current macroeconomic challenges, restore macroeconomic stability and put Ghana on a sustainable…

14 Feb

Finance Ministry Confirms Over 80% Participation In DDEP

wontumionlineBusinessbondholders, DDEP, ministry of finance

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…

13 Feb

DDEP Wouldn’t Had Been An Option If E-Levy Did Not Face Any Resistance- Solomon Assante

wontumionlineFeatured, News, TrendingDDEP, E-levy, Solomon Assante

A member of the NPP communications team, Solomon Assante has said that the Domestic Debt Exchange Program (DDEP), would have been an option for the government to consider if the electronic transactions levy didn't face stiff opposition. According to him, he believes the bondholders who had resisted against the E-levy will regret doing so- stressing that if the opportunity is presented for them to choose between the E-levy and the Domestic Debt Restructuring Program, he's sure they will choose E-levy than the touching of their bonds. "Government shouldn't always be blamed for some of these things. Although what we are…

10 Feb

What’s Your Alternative To The Debt Exchange Program- Manasseh Atta-Boahen To Critics.

wontumionlineFeatured, News, TrendingDDEP, Economy, Manasseh Atta Boahen

Government's spokesperson on Economy, Manasseh Atta-Boahen, has dared those blaming the government for mismanaging the economy hence the Domestic Debt Exchange Program (DDEP), to provide an alternative to restructure the country's debt. According to him, although those he described as naysayers are saying that the DDEP could have been avoided, they cannot also mention what other option could be considered. He made this known when he joined the discussion on Movement in the morning show on Wontumi Radio/Movement TV. "It's just rather unfortunate that we get to politicize everything in this country. But the thing, if you look at our…