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Thursday, March 30, 2023

Debt Exchange deadline extended again to Friday

3Business can report that the government has again extended the deadline to register for the domestic debt exchange programme to Friday, February 10, 2023.

According to the finance ministry, the debt exchange has officially ended, but an extension is needed to complete the online tender process for bondholders facing technical challenges.

“As a result, the government is providing bondholders an administrative window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum. This administrative window ends on Friday, 10th February 2023 at 4:0pm (GMT),” a finance ministry statement stated.

The government is restructuring parts of the country’s total debt, estimated at 575 billion cedis, in order to access $3 billion in funding from the International Monetary Fund. It suspended payment to

The finance ministry has struggled to implement the domestic debt restructuring as bondholders reject the programme due to a lack of clarity over the terms and profitability of the new bonds.

It is unclear if the government has reached its target of 80% participation to secure an IMF board appro for the much-wanted bailout to boost the economy.

More soon….

Sani Abdul-Rahman – 3Business


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