DDEP: 50% participation rate achieved - Finance Ministry

The Deputy Finance Minister, Abena Osei-Asare, has stated that so far, the government has about a 50% participation rate as far as the debt exchange programme is concerned.

This is away from the intended 80% participation rate for the successful start of the programme.

“As of yesterday, when we decided to extend and grant that administrative window, we had done above 50 percent,” she was quoted by citinewsroom.com

However, the government has acknowledged bondholders who have signed on to the programme, whiles encouraging those who are yet to sign on to do so before the new February 10, deadline.

The Finance minister had earlier stated that the February 7, deadline was the final deadline but made a U-turn on the night of February 7 to issue another deadline due to "technical difficulties".

The press statement said the bondholders encountered “technical glitches as they tried to complete the online tender process.

“As a result, the government is providing bondholders with a window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum. This window ends on Friday, 10th February 2023 at 4:00 p.m. (GMT),” the Finance Ministry announced in a statement signed by Ken Ofori-Atta.

SSD/FNOQ