Domestic Debt Exchange Programme (DDEP) Archives

19 Apr

DDEP: BoG Gives Banks Up To 2025 To Restore Minimum Paid-Up Capital, GH¢10bn Losses Recorded

wontumionlineBusinessBoG, Domestic Debt Exchange Programme (DDEP)

The Bank of Ghana has given banks up to four years, ending in 2025 to ensure that their minimum paid-up capital is restored due to capital shortfall from derecognition losses from the Domestic Debt Exchange Programme. The Central Bank noted that these losses will be spread equally over a period of four years, effective 2022 to enable Capital Adequacy Ratio (CAR). According to the International Financial Reporting Standards (IFRS), derecognition is the removal of all or part of a previously recognized asset or liability from an entity's statement of financial position. The domestic debt exchange programme had some negative impact on banks,…

18 Apr

Domestic Debt Exchange Programme: Pension Funds Next? It Is Off The Table — Ofori-Atta

wontumionlineBusinessDomestic Debt Exchange Programme (DDEP), Pension Funds

Ghana’s Finance Minister, Ken Ofori-Atta, was coy with his answers when asked the simple question as to what exactly was his plea to labour unions to help the government seal a US$3-billion bailout from the International Monetary Fund (IMF) last Sunday. At a press briefing in Washington, DC, to wrap up the week-long IMF/World Bank Spring Meetings, Mr Ofori-Atta had called on organised labour and Ghanaians in general to help the government shoulder the burden of economic revitalisation. Earlier reports last week had pointed to a possible revisit of the exemptions offered pension funds from the Domestic Debt Exchange Programme…

15 Apr

No Second Round Of DDEP For Pension Funds – Ofori-Atta Assures

wontumionlineNewsDDEP, Domestic Debt Exchange Programme (DDEP), Finance Minister Ken Ofori-Atta, pension

Finance Minister, Ken Ofori-Atta, has explained that there will not be another round of domestic debt restructured. An earlier report had indicated that whiles the minister was making an address at the ongoing IMF/World Bank Spring meetings, he hinted at a possible debt restructuring targeted at pension funds. According to him, the statement he made was misconstrued to mean he said there would be a second round of DDEP. “We are not planning a second round of the domestic debt exchange programme for pension funds. I think it was a misunderstanding,” he is quoted by myjoyonline.com He maintained that the…

11 Apr

Post DDEP Market Activity: First Corporate Bond On GSE Over Subscribed

wontumionlineBusinessDomestic Debt Exchange Programme (DDEP)

The Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah has said that Bayport’s ability to raise GH¢50 million from the debt market was a signal that the Ghana Fixed Income Market (GFIM) has been officially re-opened, post the Domestic Debt Exchange Programme (DDEP). She said it was also a testament that confidence was returning to the market after a difficult few months. The Bayport Savings and Loans (Ghana) Plc. successfully closed its ¢50 million two-year senior unsecured floating rate notes issuance last week, being the first series and tranche of notes under its newly established GH¢500 million medium-term…

07 Mar

DDEP Sets Tone For Low Interest Rates — GSE Boss

wontumionlineBusinessDomestic Debt Exchange Programme (DDEP)

Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, says the current debt restructuring exercise although painful, presents the country the opportunity to re-set its interest rates regime for the good of the economy. She said the current rate of about 35 per cent on government securities was unsustainable, adding: “I dare say one of the reasons why we had to restructure our debts was because of the high-interest rates which were not sustainable”. “Collectively, we must make sure that this era of low-interest rates on government securities will still remain low so that our private sector has a…

21 Feb

No Dividend For Bank Shareholders — DDEP Erodes Profits

wontumionlineBusinessDomestic Debt Exchange Programme (DDEP)

IF 2020 was tough for banks and their shareholders, then 2022 was tougher. Management and shareholders of the lenders are set to miss out their bonuses and dividends for last year after the domestic debt exchange programme (DDEP) eroded the banks’ profits, making it almost impossible for such payments against the 2022 financial year. Banks held more than 30 per cent of the GH¢83 billion bonds that were recently swapped for new instruments. The downgrade in the coupon rate and the extension of payment under the DDEP means that the lenders have suffered significant losses. Worse still, they have to…

17 Feb

17 Banks At Risk Of Collapse Due To Debt Exchange Programme — Ato Forson

wontumionlineNewsDomestic Debt Exchange Programme (DDEP), dr Cassiel, Finance Minister Ken Ofori-Atta

he Minority leader in Parliament, Dr. Cassiel Ato Forson, has warned that 17 banks in the country are at risk as a result of the government's domestic debt exchange programme. Dr Cassiel Ato Forson and Ken Ofori-Atta According to him, the programme will rather shift the bankruptcy of the government to individuals and financial institutions, particularly banks. His warning comes after Finance Minister Ken Ofori-Atta was summoned to brief Parliament on the ongoing picketing at the Finance Ministry by pensioner bondholders for an exemption from the debt exchange programme. Ato Forson debating the programme on the floor of Parliament said it…

16 Feb

Full Text: Ken Ofori-Atta’s Statement To Parliament On DDEP

wontumionlineNewsDomestic Debt Exchange Programme (DDEP), Finance Ministry, Ken Ofori Atta, Parliament

The Finance Minister, Ken Ofori-Attah was in Parliament on Thursday to present a statement on the country’s Domestic Debt Exchange Programme (DDEP). He clarified those who were exempted from the Programme including pensioners who have been picketing the Finance Ministry since last week. The Finance Minister confirmed that all pensioners who failed to tender their old bonds for new ones under the exercise have been exempted from the programme. Addressing Parliament on the state of the Domestic Debt Exchange Programme, Mr Ofori-Atta said the pensioners have nothing to worry about. Read his full statement below; 1. Right Hon. Speaker and…

16 Feb

E-levy’s Failure Led Us To IMF Causing DDEP- Hon Fatimatu Abubakar

wontumionlineFeatured, News, TrendingDeputy Minister for Information, Domestic Debt Exchange Programme (DDEP), E-levy, Hon Fatimatu, Movement In The Morning

Deputy Minister for information, Honorable Fatimatu Abubakar, says the failure of one of Government's plans to help revive the economy which was e-levy, lead Ghana to go to the International Monetary Fund(IMF). Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Hon. Fatimah noted that IMF was never included in Government's plans, rather it had the intention to be self reliant in reviving the economy hence, the implementation of E-levy which failed, leading Ghana into IMF. According to her Government targeted to gain Gh 6,000,000,000 by the end of 2022 from E-levy. She…

15 Feb

85% Of Ghanaians Have Understood And Accepted DDEP- Lady Vera

wontumionlineFeatured, News, TrendingDomestic Debt Exchange Programme (DDEP), Lady Vera Wiredu, Movement In The Morning

Member of the National Communication team for the New Patriotic Party, Lady Vera Wiredu, has concluded that 85% of Ghanaians have come to understand and accept the Domestic Debt Exchange Program(DDEP). Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Lady Vera stated that Ghanaians have come to understand the intentions government has, to reduce the country's debt by working with individual bonds through the Domestic Debt Exchange programme. According to Lady Vera ''Government's plea to Ghanaians is to withhold profit on individual bond holders for a year, to enable us get the…