The government's deadline for bondholders to join the Domestic Debt Exchange (DDE) Programme is February 7, 2023.
In order to engage more with stakeholders, particularly individual bondholders, the government extended the Programme's deadline from January 31 to February 7, 2023, adopting new terms for the fourth time.
Individual bondholders under the age of 59 will be offered instruments with a maximum maturity of five years, rather than 15 years, and a 10% coupon rate under the new terms, while retirees, including those retiring in 2023, will be offered instruments with a maximum maturity of five years, rather than 15 years, and a 15% coupon rate.
As part of its efforts to get a 3 billion dollar bailout from the IMF, the government is looking for an 80% subscription to the program as it arranges domestic debt to attain a 55% debt-to-GDP ratio by 2028.
Meanwhile, President Nana Addo Dankwa Akufo-Addo has stated that, despite certain stakeholders' early opposition to the Domestic Debt Exchange plan, the government is progressively gaining the support of everybody.
Nana Akufo-Addo claims that if the scheme is implemented well, Ghana would get balance-of-payments help from the International Monetary Fund (IMF) by March 2023.
The President made the remarks at a meeting with visiting German Finance Minister Christian Lindner.
"One of the processes in the domestic debt exchange is, regrettably, having some problems, therefore it has not been finalized. "We are looking at the committee as soon as possible to ensure that all stakeholders are effectively involved," he added.
The government's Domestic Debt Exchange Programme has a deadline of Tuesday, February 7, 2023.
Individual bondholders have also protested their inclusion in the government's domestic debt swap scheme.
On Wednesday, February 1, organized labor underlined its opposition to the government's domestic debt swap scheme and promised that any attempts to repackage the program to include pension funds would be vehemently opposed.