Government sets up technical committee to address concerns of individual bondholders, others

Finance Minister Ken Ofori-Atta says the Individual Bondholders Forum has legitimate concerns hence the need to set up the technical committee

The government through the Finance Ministry has set up a technical committee to address concerns raised by the Individual Bondholders Forum on the Domestic Debt Exchange Programme.

The move comes after a meeting between the Finance Minister, Ken Ofori-Atta and the representatives of the Individual Bondholders Forum.

The technical committee will include two representatives from the Individual Bondholders Forum, officials from the Finance Ministry and other stakeholders.

At the end of the Wednesday meeting, both parties agreed to work together.

The Individual Bondholders Forum (IBF) has been intensifying calls for the government to exclude individual bondholders who have collective investment schemes from the entire debt restructuring exercise.

Although the group has welcomed government’s decision to extend the deadline for the Domestic Debt Exchange Programme (DDEP) to 31 January, 2023, the convener of the forum, Senyo Hosi maintains that the debt exchange programme in its current structure is disruptive.

Listen to Ken Ofori-Atta in the audio below:

Listen to Senya Hosi in the audio below:

Missed deadlines

Ghana has further extended the deadline to register for its domestic debt exchange to 31 January 2023 in order to “secure internal approvals” from the financial sector, the Ministry of Finance has announced.

The move, the Finance Ministry says, is to further build consensus on the debt exchange programme.

This is the third time that the government has extended the debt exchange programme to build consensus.

Ghana announced a domestic debt exchange programme in December 2022 and said that external restructuring was being negotiated with creditors.

The ministry had previously extended the registration deadline for the Domestic Debt Exchange Programme to 30 December 2022 from the original 19 December 2022 and extended it further to 16 January 2023.

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