The government's deadline for bondholders to join the domestic debt exchange scheme expires today, January 16, 2023.
In order to address the country's persistent economic woes, the government announced a program inviting bondholders to swap roughly GH137 billion in domestic notes and bonds of the Republic, including ESLA and Daakye, for a bundle of new bonds.
It is presently unknown how many institutions and people have agreed to participate in the initiative.
Since its launch, the domestic debt swap scheme has received fierce criticism from labor unions, which were successful in exempting pension funds.
Individual bondholders who were included after pension funds were exempted have also spoken out strongly against their inclusion.
The scenario has put the administration in a bind as it works against the clock to seek IMF Board approval for a three-billion-dollar bailout.