Govt to exchange US$809m in newly announced dollar denominated DDEP

The government has announced a new Domestic Debt Exchange Programme (DDEP) for US dollar denominated bonds targeting to exchange US$ 809 million of the denominated notes and bonds.

“The Government of the Republic of Ghana announced today that it is inviting Eligible Holders to exchange approximately USD 809 millions of its U.S denominated domestic notes and bonds for a package of new bonds to be issued by the Republic”, a Friday, July 14, 2023, statement from the Ministry of Finance announced.

The invitation to exchange is an arrangement through which holders of Eligible Bonds will submit their holdings of Eligible Bonds governed by Ghanaian law and denominated in U.S.$ dollars (U.S.$) for new benchmark Government of Ghana bonds denominated in U.S.$, with the same aggregate principal amount (plus applicable capitalized accrued and unpaid interest), and which have in the aggregate a lower average coupon and extended average maturity than the Eligible Bonds.

It is available only to registered holders of Eligible Bonds (“Eligible Holders”).

Eligible Holders tendering their Eligible Bonds pursuant to the Invitation will receive New Bonds of the Republic on the terms and subject to the conditions described in the Exchange Memorandum.

All offers to exchange Eligible Bonds made by Eligible Holders (an “Offer” or “Exchange Instruction”) are irrevocable (subject to withdrawal rights under certain limited circumstances).

By tendering their Eligible Bonds, Eligible Holders represent and warrant that such Eligible Bonds constitute all the Eligible Bonds owned by them and consent to the blocking by the Central Securities Depository (CSD) of any attempt to transfer them prior to the Settlement Date or the termination of the Invitation by the Republic.

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