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Govt announces successful U.S. Dollar-denominated bonds exchange

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The Ministry of Finance has revealed the outcome of the U.S. dollar-denominated bonds exchange, a crucial financial manoeuvre that concluded at 4:00 p.m. on August 25, 2023.

According to the government, 92% of eligible holders, as identified by the Central Securities Depository, participated in the Invitation to Exchange and offered their Eligible Bonds for exchange.

The Government has expressed its contentment with the results, as the participation reflects a noteworthy achievement.

The high turnout of Eligible Holders in the exchange aligns with the Government’s aspirations to implement the economic strategies outlined in the post-COVID-19 Programme for Economic Growth (PC-PEG), particularly in the face of the current economic crisis.

Below is the full statement by the Ministry of Finance

THE GOVERNMENT ANNOUNCES SUCCESSFUL RESULTS OF THE U.S. DOLLAR-DENOMINATED BONDS EXCHANGE WITH APPROXIMATELY 92% PARTICIPATION RATE AND A NEW SETTLEMENT DATE

The Government announces today the results of the U.S. dollar-denominated bonds exchange which closed at 4:00 p.m. on 25th August 2023. Approximately 92% of holders eligible to participate in the Invitation to Exchange (as determined by the Central Securities Depository) tendered their Eligible Bonds.

Capitalised terms used but not defined herein have the meaning ascribed to such terms in the Exchange Memorandum (as amended from time to time) available at https://projects.morrowsodali.com/GhanaDDE and https://mofep.gov.gh/news-and-events/debt-operations.

2. The Government is pleased with the results, as a substantial majority of the Eligible Holders have tendered. This result is a significant achievement for the Government to implement fully the economic strategies in the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.

3. Attached overleaf as an Appendix Table we are presenting the details regarding the results of the exchange.

4. To provide sufficient time to settle the New Bonds in an efficient manner, the Government is extending the Settlement Date of the exchange from the previously announced 1st September 2023 to 4th September 2023. The issue date, interest accrual schedules and payment schedules for the New Bonds will be adjusted to reflect the actual Settlement Date. Except as set forth in this paragraph, the terms and conditions of the Invitation to Exchange are not modified or amended.

5. As the Invitation Period has expired, no new tenders will be accepted, and no revocations or withdrawals are permitted. For more details on these procedures, please refer to the Exchange Memorandum or contact the Central Securities Depository (CSD) at the contact information below.

6. The Government expresses its deep appreciation to bondholders and key stakeholders for their immense support of the Domestic Debt Exchange Programme (DDEP).

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