Domestic Debt Exchange Archives

02 Mar

Domestic Debt Exchange: BoG Reiterates Position Of Closely Monitoring Banks To Prevent Insolvency

wontumionlineBusinessBanks, BoG, Domestic Debt Exchange, Ghana Association of Restructuring and Insolvency Advisors

The Bank of Ghana (BoG) has reiterated that it is closely monitoring some developments among banks due to the Domestic Debt Exchange which is increasing liquidity pressures. This is to help reduce any pressure on their balance sheet and consequently avert the probability of insolvency. Speaking on behalf of the Governor at the Induction Ceremony of the Ghana Association of Restructuring and Insolvency Advisors, Head of Resolution Office, Elliot Amoako, said macro prudential risk assessment of the banking sector indicates an emergence of spill over from the current economic challenges on the banking industry. He, however, appealed to the insolvency…

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…

06 Feb

Akufo-Addo Hopeful Of Agreement With Stakeholders Ahead Of DDE Expiration

wontumionlineNewsAkufo-Addo, Domestic Debt Exchange

Government’s deadline for bondholders to sign on to the Domestic Debt Exchange (DDE) Programme expires on Tuesday, February 7, 2023. In its quest to further engage with stakeholders, especially individual bondholders, government for the fourth time extended the deadline for the Programme from January 31 to February 7, 2023, introducing new terms. In its new terms, government says all individual bondholders who are below the age of 59 years will be offered instruments with maximum maturity of five years, instead of 15 years, and a 10% coupon rate; while retirees including those retiring in 2023 will be offered instruments with…

03 Feb

DDEP: The Real Issue Is The Quality Of GDP – Dr. Seddoh

wontumionlineBusinessDomestic Debt Exchange, Dr. Daniel Seddoh, GDP

Former Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Dr. Daniel Seddoh, says the argument that government would not be able to meet its financial obligations without a debt exchange does not hold water. According to him, the argument is flawed on the basis that citizens continue to pay taxes to government and economic activity is constantly being generated, thus government would consequently be able to generate revenue. “We should be careful raising that argument except you’re saying that we’ve stopped paying taxes, except you’re saying we’ve stopped generating economic activity,” he said on JoyNews’ PM Express Business…

02 Feb

Cedi Continues Stability Against Dollar; $1 Equals ¢12.60

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange

The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market. This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone. The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signalling to investors that the government is progressing with its Domestic Debt Exchange Programme. However, the same cannot be said about the cedi’s performance against the euro and the pound as it has…

02 Feb

Cedi Continues Stability Against Dollar; $1 Equals ¢12.60

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange

The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market. This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone. The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signalling to investors that the government is progressing with its Domestic Debt Exchange Programme. However, the same cannot be said about the cedi’s performance against the euro and the pound as it has…

27 Jan

Full Report: Technical Committee On Exclusion Of Individual Bondholders From Debt Exchange Programme

wontumionlineBusinessDomestic Debt Exchange, Government of Ghana, Individual Bondholders Forum

Read the full report of the Technical Committee that sat on the exclusion of Individual Bondholders from the Domestic Debt Exchange (DDE) programme. Source: Myjoyonline.com

25 Jan

Domestic Debt Exchange: Exclude Rural Banks, Individuals – IEA To Government

wontumionlineBusinessDomestic Debt Exchange, Dr. John Kwakye, IEA

The Institute of Economic Affairs (IEA) is asking the government to exclude rural banks, individual bondholders and pension funds from the Domestic Debt Exchange programme given their relative financial vulnerability. According to the Director of Research, Dr. John Kwakye, government should be seen to lead the way in burden-sharing in cutting expenditure, especially spending on goods and services, projects and flagship programmes. He explained that since contributions from rural banks are intended for less privileged individuals, pursuing their hard-earned money is needless. “Rural banks again? Because they take monies from the poor people and invest in government bonds, why will…

23 Jan

Domestic Debt Exchange: Over 7.5 Million Insurance Policies To Be Affected – CIIG

wontumionlineBusinessChartered Insurance Institute of Ghana, Domestic Debt Exchange, insurance firms, Solomon Lartey

The Chartered Insurance Institute of Ghana (CIIG) is warning that over 7.5 million policies will be affected by the Domestic Debt Exchange (DDE) programme in its current form. According to its President, Solomon Lartey, this is because more than 40% of insurance premiums are invested in government securities, particularly bonds. Speaking to the media at the Investiture Ceremony of the Governing Council of the CIIG, Mr. Lartey said the Domestic Debt Exchange programme will further worsen underwriting losses by insurance firms if the industry is not exempted from the programme. He also pointed out that confidence in the insurance industry…

23 Jan

Domestic Debt Exchange: 21 Corporate Trustees May Collapse – Chamber Of Corporate Trustees

wontumionlineBusinessChamber of Corporate Trustees, Chartered Insurance Institute of Ghana (CIIG), Corporate Trustees, Domestic Debt Exchange, Thomas Esso

The Chamber of Corporate Trustees is warning that about 21 corporate trustees would fold up if the government implements the Domestic Debt Exchange (DDE) programme in its current form. Speaking at the 9th Investiture Ceremony of the Governing Council of the Chartered Insurance Institute of Ghana (CIIG), Thomas. Esso, Executive Secretary of the Chamber of Corporate Trustees, said the DDE has the tendency of collapsing of the industry, hence, calling for the exemption of corporate trustees from the programme. “The domestic debt exchange in its current form is not good for our industry. If it is implemented we will be…