- Ghana has agreed upon new terms for its domestic debt exchange program.
- The Ghanaian government and the Ghana Securities Industry Association agreed on this new term.
- Banks in the country would pay a 5% coupon on their 2023 bonds.
The spillover issues from the Ghanaian economy last year continue to linger despite some of the measures the country had initiated to remedy the compilations.
One of the initiatives the country established in 2022 was its Domestic Debt Exchange (DDE) program. The program, launched on the 5th of December, serves as an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.
While lauded during its formation, this initiative has been slow to yield the desired results. So far, Ghanaian authorities have had to extend the deadline for bondholders to sign up for the DDE program several times. The current deadline is set at January 31st, and around 80% of bondholders are required to register for the program.