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    Zambia advises Ghana to have restrictive laws on debt accumulation 

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

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    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

    IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout

    Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.

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Government and Association of Banks reach agreement on DDEP

byMichael Ogbodu
January 24, 2023
in Banking And Finance, Top Stories
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Finally, there is an agreement between the government and the Ghana Association of Banks over the Domestic Debt Exchange Program.

The Association had earlier instructed commercial banks to hold off on approving the revised debt exchange offer until its members’ needs were satisfied.

They claimed that the key reason for this was the lack of confidence surrounding how the debt restructuring would affect the banking sector.

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In a joint statement, both parties have agreed to “pay  5% coupon for 2023 and a single coupon rate for each of the twelve (12) new bonds, resulting in an elective coupon rate of 9%.

Clarity on the operational framework and terms of access to the Ghana Financial Stability Fund (GFSF) and the removal or amendment of all clauses in the Exchange Memorandum that empower the Republic to, at its sole discretion, vary the terms of the Exchange.”

However,  the statement further added that “The GAB recognises the progress made and notes that participation of its member banks in the DDEP, per the new terms, is subject to each individual bank’s internal governance and approval processes, but, in any case, not later than 30th January 2023.”

This is a significant milestone in addressing the country’s current economic challenges as the government races against time to secure an International Monetary Fund (IMF) program to remedy the situation in the country.

Below is a copy of the statement.

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