{"id":1262759,"date":"2022-12-07T22:27:15","date_gmt":"2022-12-07T22:27:15","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/07\/we-cant-accept-debt-exchange-programme\/"},"modified":"2022-12-07T22:27:15","modified_gmt":"2022-12-07T22:27:15","slug":"we-cant-accept-debt-exchange-programme","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/07\/we-cant-accept-debt-exchange-programme\/","title":{"rendered":"We can&#8217;t accept debt exchange programme"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Ghana Securities Industry Association (GSIA) is the latest group to kick against government\u2019s newly announced debt exchange programme.<\/p>\n<p>GSIA in a statement said, although it understands the difficulties the country is facing, it cannot accept the programme in its current form because it believes a bond is a contractual agreement between a borrower and a lender (bondholders) and therefore any changes to the terms must be agreed by both parties.<\/p>\n<p>\u201cWe, at the GSIA understand the difficult crossroads at which our nation currently finds itself and the difficult choices that need to be made to set us on the path to debt sustainability. However, we are unable to accept the bond exchange program announced by the Minister of Finance in its present form,\u201d GSIA added in the statement issued on Wednesday, December 7, 2022.<\/p>\n<p>\u00a0<\/p>\n<p><div class=\"youtube-embed\" data-video_id=\"qlpgBZ1WCC0\"><iframe loading=\"lazy\" title=\"Government describes debt exchange programme as a favourable option despite opposition\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/qlpgBZ1WCC0?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/p>\n<p>\u00a0<\/p>\n<p>\u201cIt is our intention to engage the MoF [Ministry of Finance] on our concerns and reservations. We, therefore, urge the investing public to continue to have confidence in us as we pursue this process. In this vein, we entreat clients of our member firms to allow us to engage and then communicate the outcomes to enable them take the best decision on their investments.\u201d<\/p>\n<figure id=\"attachment_899018\" aria-describedby=\"caption-attachment-899018\" style=\"width: 1920px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-899018\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/ken-ofori-atta-speech.png\" alt=\"\" width=\"1920\" height=\"1080\"  \/><figcaption id=\"caption-attachment-899018\" class=\"wp-caption-text\">Finance Minister, Ken Ofori-Atta announcing the debt exchange programme\u00a0<\/figcaption><\/figure>\n<p>Eight groups have already publicly voiced out their rejection of the debt exchange programme.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-899659\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/12\/DEBT-EXCHANGE-REJECTED.jpeg\" alt=\"\" width=\"1080\" height=\"955\"  \/><\/p>\n<p>Ghana\u2019s Domestic Debt Exchange Programme was launched on Monday to put the country\u2019s debt on a sustainable path.<\/p>\n<p>The debt restructuring will see a slash in interest payments for domestic bondholders to zero percent in 2023 and five percent in 2024.<\/p>\n<p>Existing domestic bonds as of December 1, 2022, will also be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037 \u2013 all in a bid of restoring the nation\u2019s capacity to service its debt.<\/p>\n<p>Under the programme, however, treasury bills and individual bondholders will not be affected while there will be no \u2018haircuts\u2019 on the principal of bonds, the government said.<\/p>\n<p>Eligible domestic bondholders who fail to participate in the government debt exchange programme may get their bonds transformed into liquid assets at a low cost.<\/p>\n<p><strong>Click here<\/strong> to read the statement from the Ghana Securities Industry Association.<\/p>\n<p>\u00a0<\/p>\n<p><div class=\"youtube-embed\" data-video_id=\"PHC3gwIM6RY\"><iframe loading=\"lazy\" title=\"We should be hopeful, commit to debt restructuring programme - Ken Ofori-Atta\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/PHC3gwIM6RY?feature=oembed&#038;enablejsapi=1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana Securities Industry Association (GSIA) is the latest group to kick against government\u2019s newly announced debt exchange programme. GSIA in a statement said, although it understands the difficulties the country is facing, it cannot accept the programme in its current form because it believes a bond is a contractual agreement between a borrower and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1262760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[2777,1580,1418,2631],"class_list":["post-1262759","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-accept","tag-debt","tag-exchange","tag-programme"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1262759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1262759"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1262759\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1262759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1262759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1262759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}