The government reportedly exceeded the required 80% objective for the Domestic Debt Exchange Program (DDEP).
Before Ghana to get an estimated $3 billion economic rescue from the International Monetary Fund, the programme is one of the prerequisites (IMF).
The aim was achieved on Friday, February 10, 2023, according to some intimate associates of the team that worked on the initiative, who spoke with Joy Business.
This week's programme results are likely to be officially announced by the Finance Minister, Ken Ofori-Atta.
Despite the Pension Funds' absence from the scheme, the government was nonetheless able to meet its goal.
How did the government reach its goal?
According to a source who spoke with Joy Business, "the programme was mostly successful due to strong involvement by institutional bondholders in the offer, notably the big banks, insurance firms, and securities sector participants."
There is proof that some individual bondholders freely engaged in the scheme, notwithstanding the criticism of the Individual Bondholders Forum, an organisation that objected to the initiative.
When a formal statement is made, it is anticipated that the government will go into further information about the percentage of certain bondholders that participated.
What will the government do next?
The exchange's settlement is slated to take place on Tuesday, February 14, 2023.
If the administration is successful in finalising all DDEP agreements, it will open the door for the restructuring of foreign debt, which is not anticipated to encounter strong opposition.
Backaground
The government later announced a further extension of the deadline to finish administrative tasks after delaying the Domestic Debt Exchange Program's deadline for more than three times.
The Finance Ministry said that the window closed on Friday, February 10, 2023, at 4 p.m. The Ministry stated that several bondholders had technological difficulties when attempting to finish the online tender procedure, which is why the deadline was extended.
All individual bondholders (Category A) who are under the age of 59 are being given instruments with a maximum maturity of five years rather than 15 years and a 10% coupon rate under the revised offer.
Instruments having a maximum maturity of five years instead of 15 years and a coupon rate of 15% are being offered to all retirees (even those retiring in 2023 and in Category B).
The goal, according to the Finance Ministry, is to prevent people from suffering financial hardship, especially seniors who invested their hard-earned funds in the local market.
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