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Chamber of Corporate Trustees ready to partake in government's new Domestic Debt Exchange Programme

Pension No File photo

Mon, 7 Aug 2023 Source:

The Chamber of Corporate Trustees has shown its preparedness to participate in the alternative Domestic Debt Exchange Programme (DDEP) offered by the Government of Ghana.

The Trustees' announcement comes on the back of an earlier notice given by the Ministry of Finance for the restructuring of GH¢31 billion pension funds in the second phase of its Domestic Debt Exchange Programme.

The restructuring of the second phase of the DDEP will affect the Energy Sector Levy Act (E.S.L.A) Plc and Daakye Trust Plc.

In a statement signed by the Executive Secretary of the Chamber of Corporate Trustee, Thomas Kwesi Esso, and sighted by GhanaWeb Business, the Chamber's decision comes after being given technical advice from the Organize Labour.

It hopes the restructuring of bonds held by pension schemes will contribute to the recovery of the local economy.

"The Chamber of Corporate Trustees has green light participation of its members in this new Alternative offer from GoG for pension schemes. The chamber had worked closely with the Organized Labour providing the technical advice to enable us reach this joint agreement that Pension Funds Schemes can now participate in this offer," part of the release read.

"The Chamber of Corporate Trustees' objectives were to ensure that there was no loss in patrimonial value of the bonds, the bonds are tradable, and assurance of liquidity. In addition to these, we also hope any restructuring of bonds held by pension schemes will contribute to the recovery of the Ghanaian economy," it added.

Read the Chamber of Corporate Trustees press release below;

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