In a significant financial development, the Ghanaian government has revealed the outcomes of its exchange program involving U.S. dollar-denominated bonds. This program, initiated on August 25, 2023, was a strategic response to the economic difficulties caused by the COVID-19 pandemic. The Ministry of Finance has reported an impressive 92% participation rate among eligible bondholders, as confirmed by the Central Securities Depository. This remarkable level of participation underscores the enthusiastic response to the government’s invitation for the bond exchange.
The government has expressed its satisfaction with these results, considering them a significant achievement aligned with their post-COVID-19 economic growth strategies outlined in the Programme for Economic Growth (PC-PEG). The bond exchange is regarded as a crucial step in addressing the economic challenges stemming from the pandemic.
To ensure the smooth settlement of the New Bonds, the government has decided to extend the Settlement Date from the initially slated September 1, 2023, to September 4, 2023. This adjustment in the settlement timeline will naturally lead to corresponding modifications in the issue date, interest accrual schedules, and payment schedules for the New Bonds. It’s essential to note that aside from these alterations in the settlement schedule, the terms and conditions of the Invitation to Exchange remain unchanged. As the Invitation Period has now concluded, the government has underscored that it will not entertain new tenders, revocations, or withdrawals.
For bondholders seeking additional information or seeking clarifications, the Exchange Memorandum or direct contact with the Central Securities Depository (CSD) is encouraged.
This successful exchange of USD-denominated bonds represents a positive stride towards fortifying the nation’s economic resilience in the face of ongoing global challenges.
