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Thursday, March 30, 2023

Govt reaches agreement with GSIA on Debt Exchange programme

The government and the Ghana Securities Industry Association (GSIA) have reached an understanding of the terms for participation in the Domestic Debt Exchange Programme (DDEP).

A joint statement by the government and the GSIA indicated that the terms entail extending the improved terms of the Domestic Debt Exchange Programme agreed with the banks to all GSIA members.

Also, collective Investment Schemes (CIS) and individuals who hold bonds in Trust Accounts with Securities and the Exchange Commission (SEC) approved firms, would be offered any enhanced commercial terms agreed with, or exemptions granted to, Individual Bondholders.

According to the GSIA, this agreement is necessary to restore market normalcy and confidence in the economy. GSIA urged members to seek all required internal appros and clients’ consent to participate in the DDEP per the new terms in the updated Exchange Memorandum.

This agreement with the GSIA brings to three, the number of organisations that have agreed to the deal under revised terms.

The government earlier in week struck a deal with both the Ghana Bankers Association and the Ghana Insurers Association (GIA) for their participation in the domestic debt exchange programme.


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