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LIVESTREAMED: Ken Ofori-Atta announces Ghana’s domestic debt exchange

Ken Ofori-Atta, Finance Minister

Minister of Finance Ken Ofori-Atta has been announcing measures to be contained in Ghana’s Domestic Debt programme.

Speaking at a press briefing today, December 4, 2022; he outlined different measures as relates to among others Treasury Bills, other domestic bonds etc.

“Your T-bills are safe. Treasury bills are totally exempted from any debt sustainability programme by the Ghana Government. You will get full value at maturity,” the Minister of Finance announced.

Ofori-Atta said details on the Domestic Debt Exchange (DDE) will be launched tomorrow, December 5, whiles “external debt parameters to be presented in due course.”

Under DDE, he explained that domestic debt holders will be asked to exchange their instruments with new ones. Existing domestic bonds as of Dec. 1 will be exchanged with four new bonds maturing in 2027, 2029, 2032 and 2037.

“Government’s commitment in line with International Monetary Fund negotiations is to restore macroeconomic stability in the shortest possible time and enable investors to realise benefit of the DDE,” he added.

Government, he added, was working hard to minimize the impact of debt exchange of investors holding government bonds particularly small investors, individuals and other vulnerable groups.

The following measures were thus announced:

• Treasury Bills are completely exempted and all holders will be paid the full value of their investments on maturity.
• There will be NO haircut on the principal of bonds.
• Individual holders of bonds will not be affected.

Watch a replay of Ofori-Atta’s four-minute address:

CLICK HERE TO DOWNLOAD PRESS RADIO MOBILE APP

 

Source: www.ghanaweb.com

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