25th August 2023 11:10:08 AM
2 mins readMinister of State in charge of the Finance Ministry, Dr. Mohammed Amin Adam, has thanked all participants in the government's Domestic Debt Exchange Programme (DDEP), which was introduced in December 2022.
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The first coupon payments are important to keeping the economy going, he said, because the government, especially the Ministry of Finance, has duly acknowledged the sacrifices made by all participants during a particularly trying time.
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Dr. Amin Adam stated that "the first payment of matured coupons to bondholders is key for our economy and I want to thank all DDEP participants for their sacrifices" during an interview on JoyNews' PM Business edition show.
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“The IMF review is taking place next month [September] and it would have been very bad for us if government defaulted on making the coupon payments and it's important to note that around the same time, we have three debt exchanges ongoing and if we default on making payments, the consequences would be dire on our economy,” he added.
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On August 23, 2023, the government officially affirmed the complete settlement of the initial coupon, valued at GH¢2,369,667,190.18 (approximately 2.4 billion Ghana Cedis), from the DDEP.
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Through a statement released by the Ministry of Finance, the government restated its unwavering dedication to fulfilling all forthcoming payment commitments, adhering to the stipulations outlined in the new agreements.
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The statement further highlighted that the fresh government bonds now hold a central position within the domestic bond market, serving as the cornerstone for fostering economic recovery.
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In December 2022, Ghana's government launched the DDEP as a strategic move to restructure the nation's unsustainable debt stance. This initiative extended an invitation to eligible bondholders to exchange their existing bonds for new ones featuring extended maturities and reduced interest rates.
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