Press Release

The Government of Ghana has made significant progress with all stakeholders, including financial sector industry associations and representative groups of individual bondholders, with respect to their participation in the Domestic Debt Exchange Programme (DDEP). The Government hereby announces the following updates

The Government of Ghana and the Ghana Insurers Association (GIA) have reached an agreement on the participation of insurance companies in the Domestic Debt Exchange Programme (DDEP).

The Ministry of Finance takes note of the Auditor General’s report on the government of Ghana Covid-19 expenditure for the period March 2020 to June 2022, issued on 30th December 2022.

The Government of Ghana and the Ghana Association of Banks (GAB) have made significant progress on the terms for the participation of Banks in the Domestic Debt Exchange Programme (DDEP).

The Government has taken the decision to extend the Expiration Date of the Domestic Debt Exchange Programme from Monday, 16th January 2023 at 4:00 p.m. (GMT) to Tuesday, 31st January 2023 at 4:00 p.m. (GMT) (the “New Expiration Date”).

Following the public statements by the Government of Ghana of its intention to seek a restructuring of its external debt, international holders of Ghana’s Eurobonds have organized to form a bondholder creditor committee (the “Committee”). The Committee is representative of a diverse group of institutional investors including mutual funds, asset managers, insurance firms, hedge funds, and family offices.

I will like to first of all thank the almighty God for providing the needed guidance to the GoG and the Fund to get us where we are today.

On 5th December 2022, the Government of Ghana launched Ghana’s Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.

As part of the Government’s efforts to address the country’s ongoing economic crisis, on 5th December 2022, we launched a domestic debt exchange pursuant to which we invited (the “Invitation”) certain holders of approximately GHS137.3 billion of principal amount outstanding of certain of our domestic notes and bonds issued by the Government, E.S.L.A. Plc or Daakye Trust Plc (the “Eligible Bonds”) to exchange their Eligible Bonds for a package of new bonds to be issued by the Government (the “New Bonds”).

As part of the Republic of Ghana’s (the "Republic") efforts to address the country’s ongoing economic crisis, on 5 December 2022, it launched a domestic debt exchange pursuant to which it invited (the “Invitation”) certain holders of approximately GHS137.3 billion of principal amount outstanding of certain of its domestic notes and bonds issued by the Republic, E.S.L.A. Plc or Daakye Trust Plc (the “Eligible Bonds”) to exchange their Eligible Bonds for a package of new bonds to be issued by...