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Lower-than-expected turnout for the DDEP will prolong efforts to resolve economic crisis, says Ofori-Atta

Ken Ofori-Atta, Finance Minister/ratings

Ken Ofori-Atta, Finance Minister

Finance Minister Ken Ofori-Atta has made a final push for stakeholders to participate in the government’s Domestic Debt Exchange Programme (DDEP) as the deadline approaches.

“Tomorrow (Tuesday 7 February) is the final deadline for this programme and we are hopeful that all domestic investors will participate,” Ofori-Atta said.

The government further extended the deadline to register for its Domestic Debt Exchange Programme (DDEP)to 7 February 2023.

Speaking to the nation on the update of the economy on Monday (6 February), Ofori-Atta said “Frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis.”

“In addition, the prospects of international financial support and other financial assurances would be jeopardized,” he added.

Ofori-Atta said this development could further put strain and stress on the government’s capacity to honour key commitments, adding that, “This is not what we want for our economy. What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods.”

“New framework”

The minister said the government has recalibrated the framework of the DDEP with the following constituting the improved and enhanced offer:

  1. All individual bondholders who are below the age of 59 years category A are beinf offered instruments of minimum maturity period of five years instead of 15 years and a 10% coupon rate
  2. All retirees including those retiring in 2023 category A are being offered instruments with a maximum maturity of five years instead of 15 years and a 15% coupon rate. All retirees including those retiring in 2023 category B are being offered instrument with a maximum maturity period of five years instead of 15 years and a 15% coupon rate.

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

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