• Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion
Sunday, 29 January, 2023
  • Login
topfmonline.com
 
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Education
  • Technology
  • Foreign
No Result
View All Result
topfmonline.com
No Result
View All Result
Home Business

Government further extends its Domestic Debt Exchange expiration date to Jan. 16, and amends terms

Philip Akonor by Philip Akonor
December 25, 2022
in Business
A A
0
Government further extends its Domestic Debt Exchange expiration date to Jan. 16, and amends terms
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Government has announced a further extension of its Domestic Debt Exchange expiration date to January 16, 2023.

According to a press release from the Finance Ministry on Saturday, December 24, it has amended the terms of the Debt Exchange.

“The Government today announces its decision to extend the Expiration Date of the Invitation from Friday, December 30, 2022, at 4 pm (GMT) to Monday, January 16, 2023, at 4 pm.

“The Settlement Date for the Invitation is now expected to occur on Tuesday, January 24, 2023, or as soon as practicable thereafter, but no later than the Longstop Date which is now scheduled for Tuesday, January 31, 2023, unless further extended by government pursuant to the Invitation.

“The Announcement Date is now expected to occur on or about January 17, 2023,” the Ministry said.

In addition to the foregoing extensions, government has announced modifications to the Invitation to Exchange. They are;

  1. Offering accrued and unpaid interest on Eligible Bonds, and a cash tender fee payment to holders of Eligible Bonds maturing in 2023;
  2. Increasing the New Bonds offered by adding eight new instruments to the composition of the New Bonds, for a total of 12 New Bonds, one maturing each year starting January 2027 and ending January 2038;
  3. Modifying the Exchange Consideration Ratios for each New Bond. The Exchange Consideration Ratio applicable to Eligible Bonds maturing in 2023 will be different than for other Eligible Bonds;
  4. Setting a non-binding target minimum level of overall participation of 80% of aggregate principal amount outstanding of Eligible Bonds; and
  5. Expanding the type of investors that can participate in the Exchange to now include Individual Investors.

“These modifications will be set forth fully in an Amended and Restated Exchange Memorandum which is expected to be published during the week of 26th December 2022. Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omission, defect, error or inconsistency may be included in the Amended and Restated Exchange Memorandum,” the Finance Ministry said.

As part of its efforts to address the country’s ongoing economic crisis, on December 5, 2022, government launched a Domestic Debt Exchange.

Pursuant to this, it invited certain holders of approximately ¢137.3 billion of the principal amount outstanding of certain of our domestic notes and bonds issued by the Government, E.S.L.A. Plc or Daakye Trust Plc to exchange their Eligible Bonds for a package of new bonds to be issued by the government.

“The terms and conditions of the Invitation are described in an exchange memorandum available at https://projects.morrowsodali.com/ghanadde.

Capitalised terms used but not defined herein have the meaning ascribed to such terms in the Exchange Memorandum.

Government subsequently announced an extension of the Expiration Date to Friday, December 30, 2022, and the Settlement Date to Friday, January 6, 2023.     

As set forth in the Exchange Memorandum, the Government said it “reserves the right in its sole discretion to extend the timetable for the Invitation at any time and to make amendments to the Invitation at any time.

“Any Eligible Holders whose Eligible Bonds are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominees must contact such entity if it wishes to participate in the Invitation, as such entities may establish an earlier deadline to receive instructions to tender Eligible Bonds,” the Finance Ministry said.

It further stated that “In making this decision to extend and the modifications described herein, the Government considered feedback from the financial sector in relation to the need to secure internal approvals.

“Further, this extension affords the Government of Ghana the opportunity to consider suggestions made by all stakeholders with the aim of adjusting certain measures acceptable within the constraints of the Government’s Debt Sustainability Analysis.”

Related Posts

NCA approves transfer of majority shares in Vodafone Ghana to Telecel

NCA approves transfer of majority shares in Vodafone Ghana to Telecel

January 16, 2023
3
It’s criminal to import rice while arable land abounds in Ghana – Ofori-Atta

It’s criminal to import rice while arable land abounds in Ghana – Ofori-Atta

December 31, 2022
0
Source: myjoyonline
Tags: DebtDebt Exchange ProgrammeFinance MinistryGovernmentKen Ofori Atta
Previous Post

WHEN IS THE PREMIER LEAGUE BACK AFTER 2022 WORLD CUP? ARE THERE CHRISTMAS MATCHES? WHEN IS THE CHAMPIONS LEAGUE BACK?

Next Post

Harmattan is here; drive with caution – Road Safety Authority

Related Posts

NCA approves transfer of majority shares in Vodafone Ghana to Telecel
Business

NCA approves transfer of majority shares in Vodafone Ghana to Telecel

January 16, 2023
3
It’s criminal to import rice while arable land abounds in Ghana – Ofori-Atta
Business

It’s criminal to import rice while arable land abounds in Ghana – Ofori-Atta

December 31, 2022
0
GRA to roll out e-platform for property rate payment on New Year’s Day
Business

GRA to roll out e-platform for property rate payment on New Year’s Day

December 30, 2022
0
GRA reverses 30% discount on imported goods, vehicles effective January 1
Business

GRA reverses 30% discount on imported goods, vehicles effective January 1

December 30, 2022
0
Ghana records a 15 to 17 percent drop in cargo volumes in first nine months of 2022
Business

Ghana records a 15 to 17 percent drop in cargo volumes in first nine months of 2022

December 28, 2022
0
Cedi to depreciate by about 22% in 2023 – EIU
Business

Cedi to depreciate by about 22% in 2023 – EIU

December 28, 2022
1
Next Post
Harmattan is here; drive with caution – Road Safety Authority

Harmattan is here; drive with caution – Road Safety Authority

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

BROWSE BY TOPICS

2022 Budget Afghanistan akufo addo Amazon Apiate explosion apple AT&T Bawumia speaks on the Economy Black Stars business covid COVID-19 COVID 19 Debt Exchange Programme E-Levy facebook finance Ghana Police Service Google Government health Intel iphone Ken Ofori Atta Mahama meta Microsoft momo NDC news Nvidia OMICRON Parliament police Russia security South Africa Taliban tech TESCON Tesla US UTAG vaccine Xinjiang

Recent Posts

  • Minority demands immediate suspension of Debt Exchange programme
  • NCA approves transfer of majority shares in Vodafone Ghana to Telecel
  • Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister
  • Dr Ato Forson paints gloomy image for economy; predicts further cedi depreciation and mass layoffs in 2023
  • Former Pope Benedict XVI dies at 95

Recent Comments

No comments to show.

RECENT NEWS

  • Minority demands immediate suspension of Debt Exchange programme January 17, 2023
  • NCA approves transfer of majority shares in Vodafone Ghana to Telecel January 16, 2023
  • Ambulance case: Letters of Credit cannot be established for MDAs without approval of Finance Minister January 16, 2023
  • Dr Ato Forson paints gloomy image for economy; predicts further cedi depreciation and mass layoffs in 2023 January 16, 2023

MAIN CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

Entertainment

FDA tasks pre-packed food dealers to be extra vigilant not to compromise safety
Health

FDA tasks pre-packed food dealers to be extra vigilant not to compromise safety

1 month ago
0
  • ABOUT US
  • CONTACT
  • ADVERTISE

© 2022 Top Media Group - Powered by BackUp Data Systems

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion

© 2022 Top Media Group - Powered by BackUp Data Systems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In