March 27, 2023
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This is to secure approval from the Management and Executive Board of the International Monetary Fund (IMF) for a $3 billion loan-support programme, to address Ghana’s current economic crisis.

A release issued by the Finance Ministry and copied to the Ghana News Agency on Saturday, noted that in addition to foregoing extensions the Government was “Expanding the type of investors that can participate in the Exchange to now include Individual Investors.”

Other modifications to the debt exchange programme included the setting of a non-binding target minimum level of overall participation of 80 per cent of aggregate principal amount outstanding of eligible bonds.

The release also said that: “Offering accrued and unpaid interest on Eligible Bonds, and a cash tender fee payment to holders of Eligible Bonds maturing in 2023.”

There would also be eight new instruments to the composition of the new bonds, for a total of 12 new bonds, one maturing each year starting January 2027 and ending January 2038.

However, the Ministry said the modifications would be set forth fully in an Amended and Restated Exchange Memorandum, expected to be published in the week of December 26, 2022.

“Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omission, defect, error or inconsistency may be

included in the Amended and Restated Exchange Memorandum.” The Ministry added in the release.

The Government has further extended the deadline for the voluntary participation in the debt exchange programme to January 16, 2023 from the previous December 30.

source- GNA



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