The Finance Ministry says outstanding coupons and maturing principals of bondholders who refused to participate in the Domestic Debt Exchange Programme (DDEP) would be honoured by government.
The DDEP which government said is voluntary ended on February 10.
A statement by the ministry on Tuesday, February 14 said:
“The Government would like to reassure all individual bondholders who elected not to participate that your coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government fiscal commitments.”
The statement in appreciating those who participated in the programme, noted that the failure of the DEEP would have plunged the country into grave disorder.
“The DDEP is being done to help protect the economy and enhance our capacity to service our public debts effectively.
“The alternative for not executing the DDEP would have brought grave disorder in the servicing of our national debt and exacerbated the current economic crisis.
“The government is, therefore, grateful for the overwhelming participation of all bondholders. Your support and contributions have gotten your country much closer to securing the IMF programme.”
The statement reiterated: “We would like to stress that, all individual bondholders, especially our Senior Citizens, should rest assured that their coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government’s Fiscal commitments.”
Meanwhile, government has disclosed that it achieved more than the 80% target needed for the Domestic Debt Exchange Programme .
According to the Finance Minister, Ken Ofori-Atta, the programme is part of the requirements before Ghana can secure an economic bailout of about $3 billion from the International Monetary Fund (IMF).
