DDEP: Payment of coupons and principal on old bonds resumes on March 13 — Finance Ministry

By Patience Anaadem, ISD || contributor
DDEP: Payment of coupons and principal on old bonds resumes on March 13 — Finance Ministry
28.02.2023 LISTEN

The government has assured bondholders who did not participate in the Domestic Debt Exchange Programme (DDEP) that payment of coupons and principal of the old bonds would resume on March 13, 2023.

This was contained in a press release issued by the Ministry of Finance on Monday.

It stated, “In fulfillment of the assurance given by the Government to bondholders who did not tender, the Ministry is taking administrative steps to ensure that payments of coupons and principals of the old bonds resume by 13th March 2023.”

It further stated that the newly issued bonds that have been settled and listed would become the new benchmark bonds for the fixed-income market and that the Ministry would work with the relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign bond market.

“Thirdly, on Friday, 24th February 2023, S&P Global Ratings raised Ghana's local currency sovereign credit ratings from selective default (SD) to 'CCC+/C'. This acknowledges the completion of the DEP with the successful delivery of new securities to bondholders. In doing so, the selective default is substantially cured.

“The above-stated milestone is further expected to accelerate the engagement with our external creditors. The Government of Ghana also takes this opportunity to assure our external creditors of their equal importance to the Republic of Ghana. We will, therefore, continue to work together to advance the progress of our external debt treatment, in order to ensure Ghana's long-term macroeconomic stability,” it added.