The government has reached an agreement with the Ghana Association of Banks on the Domestic Debt Exchange Programme (DDEP) following previous discussions.
The government earlier said that new bonds under the programs were not to result in any interest until 2024.
The government had also expressed that the coupon will attract a 0% coupon in 2023.
It was also agreed by the government that the interest will increase 5% in 2024 and then 10% from 2025.
However, the government has gotten to new terms with the banks.
A statement released by the Finance Ministry said bondholders will now attract a 5% coupon in 2023.
The statement was together signed by the Finance Ministry and Ghana Association of Banks.
The reached agreement are as follows;
a. An agreement to pay 5% coupon for 2023 and a single coupon rate for each of the 12 new bonds, resulting in an effective coupon rate of 9%.
b. Clarity on the operational framework and terms of access to the Ghana Financial Stability Fund (GFSF).
c. The removal or amendment of all clauses in the Exchange Memorandum that empower the Republic to, at its sole discretion, vary the terms of the Exchange.
