Government reaches deal with Securities Industry Association to sign up for Domestic Debt Exchange

JoyNews is learning that government has reached understanding with the Ghana Securities Industry Association to sign up for the Domestic Debt Exchange programme.

According to sources, the Association’s terms will be similar to what the banks and insurers have secured in terms of the 5% Coupon Payment and 9% for the 12 New Bonds that will be issued.

There will also be a Stabilization Fund established as well for the industry.

Reports say the government is likely going to propose some new terms for individuals with investments in collective schemes and mutual funds.

Sources also suggest that government is set to propose some favorable terms for individual bondholders with an announcement expected soon.

This development means the Finance Ministry has covered some more ground in ongoing negotiations with various categories of bondholders.

It is, however, unclear yet the impact it will have on the discussions with individual bondholders and pensions.

But Myjoyonline.com is reliably informed that government is content with the situation and hopes it dovetails into the other deals it is currently brokering with other associated groups.

Source: Ghana News