Business

DDEP: Govt extends window for bondholders to complete tendering process

Government has granted bondholders a 3-day administrative window to complete processes for tendering their bonds.

The move comes after government learned of technical challenges faced by some bondholders who tried to complete the online tender process.

A statement issued by the Ministry of Finance said the window ends at 4pm on Friday February 10, 2023.

“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.

The statement noted that the timetable of the exchange remains unaffected except for the announcement date which is now Monday February 13.

Accordingly, the settlement of exchange remains the scheduled date of Tuesday February 14, 2023.

“Except as set forth in this paragraph, the terms and conditions of the exchange are not modified or amended,” he added.

The statement also reminded bondholders who could not complete the process to visit the website of the Central Securities Depository www.csd.com.gh.dde to complete the process

Since the announcement of the DDEp, the programme has faced stiff opposition from groups like organized labour, the Minority in Parliament and the Ghana Individual Bondholders Forum raising concerns.

This pushed government to extend the deadline for four times. During the fourth time government introduced new terms and a final Exchange Memorandum.

Under the improved offer, all individual bondholders who are below the age of 59 years (Category A) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate

All retirees (including those retiring in 2023) (Category B) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.

Source: Ghana Business

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