Following the successful settlement and conclusion of Ghana’s Domestic Debt Exchange Programme (DDEP), the government has said the newly issued bonds have been settled and listed and will become the new benchmark bonds for the fixed income market.

The Ministry of Finance noted that it will work with relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign bond market. 

Secondly, the ministry in a statement added that in fulfillment of the assurance to bond holders who did not tender, it is taking administrative steps to ensure payments of coupons and principals of the old bonds resumes by 13 March, 2023.

“On Friday, 24 February 2023, S&P Global Ratings raised Ghana’s local currency sovereign credit ratings from selective default (SD) to CCC+/C’. This acknowledges the completion of the DDEP with a successful delivery of new securities to bondholders. In doing so, the selective default is substantially cured,” the statement added.

The above stated milestone according to the government is further expected to accelerate the engagement with Ghana’s external creditors.

The government further assured its external creditors of their equal importance to the Republic of Ghana and “we will, therefore, continue to work together to advance the progress of our external debt treatment, in order to ensure Ghana’s long term macroeconomic stability.”

Source: Ghana/Sompaonline.com