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Ofori-Atta Writes To Pension Funds Requesting Participation In Debt Exchange

Wed, 2 Aug 2023 Source: Info News Ghana

The Minister of Finance has requested Pension Funds' participation in the Debt Exchange Programme (DEP) in a letter.

The Minister requested in a letter that pension funds exchange their existing holdings for Treasury Bonds, ESLA Bonds, and Daakye Bonds.

"In accordance with the memorandum of understanding (MoU) signed between yourselves and the government, this proposal aims to alleviate the government's cash shortage in the coming years, while compensating the Pension Funds in full for the value of their respective present holdings.

This proposal has been meticulously crafted to facilitate the execution of the MOU and meet the government's financial requirements.

"The proposed debt exchange involves exchanging your current holdings for Treasury Bonds, ESLA Bonds, and Daakye Bonds for new tranches of the currently outstanding Existing Exchange Series (issued in February 2023 and maturing in 2027 and 2028 respectively "Exchange Bond 2027" and "Exchange Bond 2028" and collectively "Exchange Bonds")."

He expressed the government's appreciation for the Pension Funds' sustained partnership with the government.

Source: Info News Ghana