June 23, 2024
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DDEP: Government grants 3-day administrative window for bondholders to complete processes

Government has announced an administrative window for bondholders to complete processes for tendering their bonds.

A statement issued by the Ministry of Finance and signed by the Sector Minister, Ken Ofori-Atta, said the window ends at 4pm on Friday February 10, 2023.

According to the statement, the extension of the window is as a result of technical challenges experienced by some bondholders as they tried to complete the online tender process.

It is believed that a sudden rush by bondholders to sign up close to the deadline placed a strain on the IT infrastructure.

The statement explained that the timetable of the exchange remains unaffected except for the announcement date which is now Monday February 13.

Accordingly, the settlement of exchange remains the scheduled date of Tuesday February 14, 2023.

“Except as set forth in this paragraph, the terms and conditions of the exchange are not modified or amended,” he added.

The statement reminded bondholders who could not complete the process to visit the website of the Central Securities Depository www.csd.com.gh.dde to complete the process

Mr. Ofori-Atta also took the opportunity to thank bondholders who have so far tendered their bonds.

Under the improved offer, all individual bondholders who are below the age of 59 years (Category A) are being offered instruments with a maximum maturity of five years, instead of 15 years, and a 10% coupon rate.

All retirees (including those retiring in 2023 and in Category B) are being offered instruments with a maximum maturity of five years, instead of 15 years, and a 15% coupon rate.

The Finance Minister yesterday said that the objective of this is to ensure that individuals, especially retirees, who put their hard earned savings in the domestic market, are not left in hardship as a result of the DDEP and yet contribute to the resolution of the current crisis.

He said government was intentional in pushing the threshold of what is possible, in order to safeguard the well-being of our pensioners, preserve the savings of individuals, protect the working capital of businesses, ensure the health and stability of our financial sector and restore macroeconomic stability.

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