Ghana extends Domestic Debt Exchange deadline for 3rd time


Ghana has for the third time extended the deadline of the debt exchange programme to Jan. 31, Finance Minister Ken Ofori-Atta said on Monday.

The extension is to allow the government to build consensus while they engage with stakeholders’ institutions and individual investors.

“Building consensus is key to a successful economic recovery for Ghana,” Ofori-Atta wrote on Twitter, adding that registration for the debt exchange would be extended “pending further stakeholder engagement”.

The crisis-hit nation in December last year launched the debt swap plan through the ministry of finance, days before clinching a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion rescue package.

The IMF has said its board will approve the deal only if Ghana undergoes comprehensive debt restructuring.

The deadline for the debt swap, initially set for Dec. 19, had previously been extended to Dec. 30 and then to Jan.16.

Revisions to the initial offer exempted pensioners after a public outcry but later brought in individual bondholders who were originally exempted.

Ghana last week offered to pay holders of its 2023 bond a 2% cash fee in exchange for registering for the exchange, but opposition to the programme has remained pervasive.

Published on: Africa News

Publication date: 16/01/23