Tag: Domestic Debt Exchange
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16 banks to experience additional losses this year due to DDEP – Research
According to research conducted by Dr. Richmond Atuahene and K.B. Frimpong, approximately 16 banks are expected to experience additional losses this year due to the Domestic Debt Exchange Programme. These uncaptured losses amount to around 17.1 billion and could have a negative impact on the 2023 Audited Financial Statements of these banks, as they failed…
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DDEP: Govt announces final principal amounts of new bonds
The government has announced the final principal amounts of new bonds in the settlement of the domestic debt exchange programme (DDEP). The Finance Ministry in a statement disclosed that: ”In anticipation of the settlement of the Domestic Debt Exchange Programme (DDEP) on 21St February 2023, the Government announces the aggregate principal amount of each series…
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Successful DDEP will build momentum for external debt restructuring – Ofori-Atta
The Minister for Finance, Ken Ofori-Atta is confident that the successful implementation of the Domestic Debt Exchange Programme (DDEP) will build momentum for the country’s external debt restructuring programme. In an address to Parliament on Thursday, February 16, 2023, the Minister stated that the completion of the DDEP, which was aimed at alleviating the country’s…
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All pensioners who didn’t participate in DDEP exempted – Ofori-Atta
Pensioner bondholders who did not sign onto the Domestic Debt Exchange Programme have been officially exempted from the programme. The Finance Minister, Ken Ofori Atta disclosed this in Parliament while addressing the house on the state of the Domestic Debt Exchange Programme. “Government remains committed to the wellbeing of our senior citizens. It has caused…
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Analysts raise doubts over govt’s 85% participation rate in DDEP
Barely 24 hours after the government announced that it has achieved approximately 85 percent success rate in the Domestic Debt Exchange Programme, some watchers of the space have raised doubts over the government’s claim. During the launch of the Domestic Debt Exchange Programme in December 2022, the Minister of Finance, Mr Ken Ofori-Atta, said holders…
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Govt swaps over GH₵82bn bonds for new ones under DDEP
The Ministry of Finance has revealed that it has successfully swapped GH₵82,994,510,128 worth of old bonds from a possible GH₵ 97,749,624,691 under the domestic debt exchange programme. The amount represents an 84.91% success rate exceeding the Finance Ministry’s intended target of an 80 percent participation rate. Meanwhile, the government has extended the settlement date for…
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Debt exchange programme recorded over 80% participation – Govt
Government says the Domestic Debt Exchange Program (DDEP) officially closed on Friday, February 10, 2023, with over 80% participation of eligible bonds. This was announced in a statement issued by the Finance Ministry on Tuesday, February 14, 2023. Government in the statement thanked the people of Ghana for their “forbearance and support throughout these very…
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AGI calls for clearer modalities on DDEP
The Association of Ghana Industries is calling on government and its key institutions to carefully consider some components of the Domestic Debt Exchange Programme (DDEP) as the current structure of the programme has the propensity to stifle the flow of liquidity to its members. Government is embarking on a debt restructuring programme to enable it access…
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We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners
Finance Minister Ken Ofori-Atta has stated that failure to secure a bailout with the International Monetary Fund (IMF) by mid-March may ground Ghana’s economy to a halt. Addressing Pensioner bondholders who have resisted their inclusion in a domestic debt exchange programme on Monday, February 6, the Finance Minister pleaded with the pensioners to accept a…
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Deadline for debt exchange program moved to February 7 with new terms
The deadline for government’s Domestic Debt Exchange Programme (DDEP) has been extended further to February 7, 2023, following the expiration today. This is also based on the agreement reached with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA). Government says a revised and final Exchange Memorandum…