Debt exchange programme Archives - Page 2 of 3

20 Jan

Government Committed To Building Local Resilience And Capacity – Ken Ofori-Atta

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Finance Minister, Ken Ofori-Atta, says the government is committed to building local resilience and capacity as a preventive measure against future economic crisis. Speaking on JoyNews’ PM Express Business Edition, he explained that the country had been left exposed following the exhaustion of the country’s buffers to tackle the Covid-19 pandemic, thus making it vulnerable to the ripple effect of the Russia-Ukraine war. According to him, the government in an effort to prevent such a crisis from ever repeating will be heavily investing in agriculture and industry to break the country’s reliance on food imports among others. “Well, there are…

20 Jan

Domestic Debt Exchange Deadline Unlikely To Be Extended Further – Ken Ofori-Atta

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Finance Minister, Ken Ofori-Atta, has hinted that the deadline for the domestic debt exchange programme will not be extended further than the latest January 31 date. According to him, he is confident the government will garner the required 80% subscription it is seeking to implement the policy right in time for the International Monetary Fund executive approval. He noted that the government was currently working on a very tight schedule to facilitate the injection of much needed foreign exchange into the economy through the IMF deal. Any further delays, he suggested, would be detrimental to the economy and the Ghanaian…

18 Jan

Individual Bondholders Forum To Meet Finance Minister Over Debt Exchange Programme

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The Ghana Individual Bondholders Forum has been invited to a meeting with Finance Minister, Ken Ofori-Atta on Wednesday, January 18, 2023. This follows a petition to the Minister for members to be excluded from the government’s domestic debt exchange programme. Among other things, the forum which consists of persons holding investments in the Government of Ghana’s Local Cedi Bonds, Government of Ghana’s Local USD Bonds, ESLA PLC Bonds, Daakye Bonds, Ghana Eurobonds, and others says the announcement of the programme has been extremely unsettling and catastrophic for its members and others affected. The group argues that the programme is one of…

17 Jan

Pensioner Bondholders Forum Threatens To Picket At Ministry Of Finance 

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The Pensioner Bondholders Forum has threatened to picket at the Ministry of Finance on January 23, 2023, if government fails to exempt them from the Domestic Debt Exchange Programme. The Forum said it had written to the District Commander of the Ghana Police Service at the Ministries in Accra to notify the police of their intended action. Dr Adu A. Antwi, the Convener, Pensioner Bondholders Forum, speaking at a press briefing in Accra, said the Forum had petitioned the government to exempt its members from the Domestic Debt Exchange Programme. Dr Antwi said the Forum on January 13, 2023, presented…

16 Jan

Debt Exchange Program: Go Back To The Drawing Board For A Broader Consultation- Dr. Sarpong To Gov’t

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A senior research fellow at the Kumasi Technical University, Dr. Smart Sarpong has blamed government for the current confusion arising from the inclusion of individual bondholders onto the debt exchange program. According to him, the government should have had a broader consultation before arriving at such a conclusion. Speaking in a phone interview with Kwaku Dawuro on Movement in the morning show on Wontumi Radio/Movement TV, he noted that "what is more worrying is the lack of consultation-those who will be affected by such decision should have been consulted. Bond is a long-term saving and if they needed their money…

12 Jan

Individual Bondholders Threaten Lawsuit Over Debt Exchange Programme

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A group of individual bondholders is threatening to take legal action against the government for including them in the controversial debt exchange programme. The group, known as the Ghana Individual Bondholders’ Forum in a statement signed by one of its convenors Senyo Hosi urged individual bondholders to reject and refrain from complying with the mandatory deadline imposed under the Domestic Debt Exchange (DDE) programme. It further urged indirect bondholders such as investors in mutual funds, cash trusts, and balance funds to inform their fund managers not to accept the DDE. It also advised government to open a channel of communication…

12 Jan

We Can’t Exempt You From Debt Exchange Program – Ofori-Atta To Insurers Association

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According to a letter from the Minister, Ken Ofori-Atta, in response to an exemption request from the Ghana Insurers Association, the government cannot exclude them. The Finance Ministry stated that it has made some adjustments to the debt exchange programme due to feedback from the industry but cannot exempt the insurance industry. “Based on your letter and the feedback from you and other industry associations, the Government, working with its advisors, has made significant enhancements to the terms of the exchange instruments to address key concerns raised about accrued interest and zero coupons for 2023. The government has also improved…

11 Jan

Refusing Debt Exchange Programme Will Bar Bondholders From Benefiting – Finance Ministry Restates Position

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The Ministry of Finance has restated that eligible bondholders who refuse to participate in government’s debt exchange programme will not benefit from the new arrangement outlined by government in case there is default in payment. Government, is seeking an International Monetary Fund Programme that requires a debt restructuring before a deal could be reached with the Bretton Wood institution. Bondholders have until January 17, 2023 to accept the new arrangement which include some suspension of interest payments. “For those not participating in the domestic debt exchange, they will continue to hold the non-tendered eligible bonds – the “old” bonds. However,…

23 Dec

TUC Suspends Strike Action Over Debt Exchange Programme

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The Trades Union Congress (TUC) has rescinded its plan to embark on an indefinite nationwide industrial action from December 27. The move was for the Union to demonstrate its opposition to earlier plans by the government to include pension funds in the debt exchange programme. The union has also cautioned the government against any future plans in that regard. The planned industrial action followed a one-week ultimatum given by Organized Labour for the government to ditch its decision to rope in pension funds in the debt exchange program or risk a nationwide strike. But following the government’s decision to exclude…

23 Dec

Pension Funds Exempted From Debt Exchange Programme

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Government has announced an exemption of all pension funds from the Debt Exchange Programme. This follows a meeting between Organised Labour, Ministry of Employment and Labour Relations, the Finance Ministry, National Security Ministry and all other parties involved on Thursday, December 22. The exemption of all pension funds, however, is subject to the government and Organised Labour working together to explore mutually beneficial options within the debt sustainability terms. After the meeting on Thursday, through a Memorandum of Understanding (MoU) between the government and Organised Labour, a seven-member committee was formed to explore technical solutions to bring the debt threshold…