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Thursday, March 30, 2023

Govt extends window for bondholders to complete tendering process

Government has extended the window for bondholders to complete tender processes as part of the controversial domestic debt exchange programme.

The deadline for signing up for the programme expired today, Tuesday, February 7, 2023, but government in a late-night press statement said some of the bondholders faced “technical glitches as they tried to complete the online tender process” hence the window to enable such persons to complete the process.

It has thus given such persons three days to do that.

“As a result, Government is providing bondholders with a 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 window ends on Friday, 10th February 2023 at 4:00 p.m. (GMT),” the Finance Ministry announced in a statement signed by sector minister, Ken Ofori-Atta.

Banks under pressure to force customers to accept DDEP – Senyo Hosi

The Convener of the Individual Bondholders Forum, Senyo Hosi, had already alleged that some banks are under pressure to coerce their customers to accept the Domestic Debt Exchange programme as the deadline approaches.

Mr Hosi described the move as illegal and immoral adding that forcing customers of banks to accept the programme could spell doom for the country in future.

“Unfortunately on the market, we see some conducts that are unethical and also illegal. We see pressure coming from different quarters compelling banks to try and force customers to try and tender or accept the DDE, that is illegal, that is unethical and immoral,” Mr Hosi said on Tuesday on Eyewitness News.

Below is the full statement from the Finance Ministry:


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