Government has registered its appreciation to Ghanaians for their forbearance and support extended to the Domestic Debt Exchange Programme (DDEP) which closed on Friday 10 February 2023 with over 80% participation of eligible bonds.
The Finance Ministry in a press release dated Tuesday 14 February 2023 and entitled “Participation in the Domestic Debt Exchange Programme”, noted that government is extremely impressed with and grateful for the high patronage the voluntary programme has received.
“The Government wants to thank the people of Ghana for their forbearance and support throughout these very difficult times” the press release signed by the finance minister; Ken Ofori-Atta read.
“The DDEP is being done to help protect the economy and enhance our capacity to service our public debts effectively. The alternative of 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 finance minister’s statement further read.
The finance minister in his statement further noted that even though the DDEP was a voluntary exercise, under the prevailing economic circumstances in the country and in the globally space, Government had to make “a strong but humble appeal to bondholders to participate in the DDEP;
“Seeing it as a very critical act of burden-sharing in the ongoing national effort to tackle the economic crisis, bring back macroeconomic stability and guarantee sustainable growth and prosperity for the people of Ghana”.
“Government in addition, offered alternatives to encourage individual bondholders and retirees to tender for the new bonds which will have wider secondary market circulation.
“The Government is grateful to those who took part in the advocacy in securing an improved offer for participants” the press release by Ken Ofori-Atta noted.