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The Ministry of Finance has assured that the government is taking administrative steps to ensure payments of coupons and principals of old bonds resume by 13th March 2023.
This is in fulfillment of the assurance given by the government to bondholders who did not tender, the Finance Ministry said.
“The newly issued bonds have been settled and listed and will become the new benchmark bonds for the fixed income market.
“The Ministry of Finance will work with relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign bond market,” the Finance Ministry stated in the statement.
In fulfillment of the assurance given by the government to bondholders who did not tender, the Ministry is taking administrative steps to ensure payments of coupons and principals of old bonds resume by 13th March 2023.
The Ministry also said S&P Global Ratings which raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’, acknowledges the successful completion of the Domestic Debt Exchange Programme (DDEP).
The Finance Ministry noted in the statement that, “on Friday, 24th February 2023, S&P Global Ratings raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’. This acknowledges the completion of the DDEP with the successful delivery of new securities to bondholders. In doing so, the selective default is substantially cured”.
The above-stated milestone is further expected to accelerate the engagement with our external creditors. The government of Ghana also takes the opportunity to assure our external creditors of their equal importance to the Republic of Ghana.
“We will therefore continue to work together to advance the progress of our external debt treatment in order to ensure Ghana’s long-term macroeconomic stability.
