As part of the government's efforts to restructure debt, individuals are now included in the GH137.3 billion domestic bond exchange scheme that has been modified.
This would assist in getting the International Monetary Fund's (IMF) management and executive board to approve a US$3 billion loan-support programme to solve Ghana's current economic crisis.
Individuals were not included when the exchange programme was first introduced in December 2022, but after the government acceded to demands from organised labour to exclude pension funds, it changed the scheme to include individual investments.
In addition to the previously granted extensions, the government was "increasing the sort of investors that can participate in the Exchange to now include Individual Investors," according to a news release from the Ministry of Finance dated December 24, 2022.
The establishing of a non-binding objective minimum level of overall participation of 80% of the aggregate principal amount outstanding of eligible bonds was one of the additional changes made to the debt exchange programme.
Additionally, the Ministry stated: "Offering to holders of Eligible Bonds expiring in 2023, a cash tender fee payment and accrued and unpaid interest on Eligible Bonds."
There would be a total of 12 new bonds added to the composition of the existing bonds, with one bond maturing each year between January 2027 and January 2038. There would also be eight additional instruments.
The Ministry noted that a revised and amended exchange memorandum, which is anticipated to be published the week of December 26, 2022, will provide a complete description of the revisions.
The Ministry further stated: "Conforming revisions (including adding and changing defined terms) in respect of the foregoing amendments and modifications to remedy ambiguity, omission, defect, mistake, or inconsistency may be incorporated in the Amended and Restated Exchange Memorandum.
The government has further pushed out the deadline for voluntarily signing up for the debt exchange scheme, moving it from the previous December 30, 2022, to January 16, 2023.
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