Tag: DDEP
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Taking haircut saved economy, sent positive signal to external partners – BoG
The Bank of Ghana (BoG) says its decision to take a 50 percent haircut on government’s debt has saved the economy from collapse and sent a positive signal to external partners. “With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that,…
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Chamber of Corporate Trustees signals readiness to participate in new DDEP
The Chamber of Corporate Trustees has indicated its preparedness to participate in the alternative Domestic Debt Exchange Programme (DDEP) being offered by the Government of Ghana (GOG). This comes on the back of an earlier announcement by the Ministry of Finance for the restructuring of ¢31 billion pension funds in the second phase of its…
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Govt targets conclusion of key aspects of DDEP by September 2023
Government is making efforts to finalize the domestic debt restructuring by September 2023, according to sources familiar with the matter Their plan Citi Business News has gathered includes concluding the dollar-denominated domestic debt exchange program, cocoa bills exchange program, and pension funds by the end of next month. Furthermore, the government is actively pursuing a…
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Organised labour willing to engage govt on including pension funds in DDEP
Organised Labour says it is willing to engage with the government regarding the inclusion of their pension funds into its Domestic Debt Exchange Programme. The government has initiated an alternative offer for pension funds exchange, inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc, and Daakye Trust Plc. The offer aims…
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Republic Bank Ghana Plc records GHS 108.86 million profits in 2022
Republic Bank Ghana Plc remains resolute to employ various strategies aimed at mitigating risks in its operations. It comes on the back of the bank recording a 20.05 percent year- on- year growth in assets from GHS 4.25 billion in 2021 to GHS 10 billion in 2022. However, the bank also recorded a total comprehensive…
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Debt exchange on cocoa bills, dollar denominated bonds necessary for debt sustainability – Bokpin
Economist, Professor Godfred Bokpin says the initial Domestic Debt Exchange Programme (DDEP) fell short of expectations, prompting the government to revisit the restructuring of various components of the domestic debt. As part of the second round of the DDEP, the Ghana Cocoa Board (COCOBOD) is extending an invitation to investors who hold cocoa bills, the…
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Govt to exchange US$809m in newly announced dollar denominated DDEP
The government has announced a new Domestic Debt Exchange Programme (DDEP) for US dollar denominated bonds targeting to exchange US$ 809 million of the denominated notes and bonds. “The Government of the Republic of Ghana announced today that it is inviting Eligible Holders to exchange approximately USD 809 millions of its U.S denominated domestic notes…
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GCB Bank unveils comprehensive turnaround plan to revitalize operations after DDEP blow
At the annual general meeting of the Ghana Commercial Bank (GCB), Managing Director Kofi Adomakoh addressed the bank’s financial performance in 2022 and outlined the challenges faced by the bank and the overall operating environment. The bank’s financial performance in 2022 reflected the impact of several factors, including the Domestic Debt Exchange Programme (DDEP) initiated…
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GCB Bank achieved strong performance in 2022 despite DDEP impact – Board Chair
GCB Bank PLC (GCB) has released its full-year (FY) 2022 financial results, demonstrating a robust performance despite the challenges posed by the Domestic Debt Exchange Programme (DDEP). The bank reported a significant growth of 24 percent in Total Operating Revenue, reaching GHS 3.0 billion. This growth was driven by strong performance across all key revenue…
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Government to offset DDEP losses with $1.5 billion
The Finance Minister, Ken Ofori Atta has disclosed that the government will inject 1.5 billion dollars, into the National Stability Fund to help offset the losses incurred during the Domestic Debt Exchange Programme (DDEP). The banking sector is predicted to lose about ¢41.3 billion to the DDEP, between 2023 and 2028 which has resulted in…