The Ghana Cocoa Board (COCOBOD) has launched a voluntary debt securities exchange programme, available between 2024 and 2028, for holders of short-term Cocoa Bills.
Announcing this in a statement dated Friday, July 14, COCOBOD said offers can be submitted immediately up till Monday, July 31, subject to extension.
Holders of Cocoa Bills whose offers are accepted will receive five different bonds with an aggregate principal amount equal to the principal amount of Cocoa Bills tendered, the statement said.
It added that the five bonds will mature on a one-per-year basis consecutively from, and including, 2024 to, and including, 2028.
The statement noted that the reasons for undertaking the programme has already been spelt out to holders by the Chief Executive Officer, Joseph Boahen Aidoo.
“An offer, once made, cannot be revoked or withdrawn at any time except in the limited circumstances described in the Exchange Memorandum.”
CalBank Plc has been appointed as arrangers for the programme with Consolidated Bank, Ghana (CBG) as trustees.
Central Securities Depository Limited will be the transfer and calculation agents as well the registrar.
This comes right on the heels of the launch of a new debt exchange programme for US Dollar-denominated bonds by the Ministry of Finance.
