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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

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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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