The government has announced a 3-day administrative window for bondholders to complete processes for tendering their bonds.
A statement issued by the Ministry of Finance and signed by the Sector Minister, Ken Ofori-Atta, said the window ends at 4 pm on Friday, February 10, 2023.
According to the statement, the window extension results from technical challenges experienced by some bondholders as they try to complete the online tender process.
It is believed that a sudden rush by bondholders to sign up close to the deadline placed a strain on the IT infrastructure.
The statement explained that the timetable of the exchange remains unaffected except for the announcement date, which is now Monday, February 13.
Accordingly, the settlement of the exchange remains on the scheduled date of Tuesday, February 14, 2023.
“Except as set forth in this paragraph, the terms and conditions of the exchange are not modified or amended,” he added.
The statement reminded bondholders who could not complete the process to visit the website of the Central Securities Depository www.csd.com.gh.dde to complete the process.
Below is the full statement from the Finance Ministry:
Mr Ofori-Atta also took the opportunity to thank bondholders who have so far tendered their bonds.
Under the improved offer, all individual bondholders below the age of 59 years (Category A) are offered instruments with a maximum maturity of five years instead of 15 years and a 10% coupon rate.
All retirees (including those retiring in 2023 and in Category B) are being offered instruments with a maximum maturity of five years instead of 15 years and a 15% coupon rate.
The Finance Minister yesterday said that the objective of this is to ensure that individuals, especially retirees, who put their hard-earned savings in the domestic market, are not left in hardship as a result of the DDEP and yet contribute to the resolution of the current crisis.
He said the government intentionally pushed the threshold of what is possible to safeguard the well-being of our pensioners, preserve the savings of individuals, protect the working capital of businesses, ensure the health and stability of our financial sector and restore the health and macroeconomic stability.