DDEP Offer: Finance Ministry Provides Window For Interested Bondholders To Enrol

The Ministry of Finance has provided a three-day window for interested bondholders to sign up for the Domestic Debt Exchange Programme (DDEP) offer.

This comes after the final deadline for the offer elapsed on Tuesday, February 7, 2023.

According to the Ministry, some bondholders faced technical disruptions while they tried to complete the online tender process.

“As a result, Government is providing bondholders with a window to complete the process of tendering their bonds, in response to terms of Exchange as amended pursuant to the 2nd amended and Restated Exchange Memorandum.”

The window will end on Friday, February 10, 2023, at 4 pm with an Announcement date of Monday, February 13, 2023.

Except for these, there are no other modifications to the terms and conditions of the exchange, the Ministry said.

Per a statement released by the Ministry on Tuesday, some bondholders have patronised the offer.

In an address on Monday, February 6, Finance Minister Ken Ofori Atta noted that non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis.

Additionally, he said the prospects of international financial support and other financial assurances would be jeopardised.

“This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy. What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods.”

The government takes the strong view that the DDEP will safeguard the well-being of our pensioners; Preserve the savings of individuals; and Protect the working capital of businesses.

The DDEP forms part of the government’s programme to get an International Monetary Fund (IMF) bailout.

Source: opemsuo.com/Hajara Fuseini