By Issah Mohammed
Accra, Aug 7, GNA – The Government has extended the deadline for invitation to exchange approximately US$809 million of its United States dollar-denominated domestic bonds for new ones.
The new deadline, which is Friday, August 18, 2023, as against August 4, 2023, is in “response to the feedback received from Eligible Holders for more time to secure internal approvals to participate”.
“Announcement date will be on or about Monday, August 21, 2023; settlement date: Expected Friday, August 25, 2023, or as soon as practicable thereafter.
“Longstop Date will be on Monday, August 28 2023, unless further extended by the Government pursuant to the Invitation,” the Ministry of Finance said in a statement.
The Ministry said the issue date, interest accrual schedules, payment schedules and amortisation schedules for the new bonds would be adjusted to reflect the actual settlement date.
“Any Eligible Holders whose Eligible Bonds are held on its behalf by a broker, dealer, bank, custodian, trust company, or other nominee must contact such entity if it wishes to participate in the Invitation, as such, entities may establish an earlier deadline to receive instructions to tender Eligible Bonds,” the statement read.
As part of efforts to address the country’s economic crisis, the Government on July 14, 2023, launched a local US$ dollar-denominated bonds exchange.
Under the programme, the government is inviting holders of the old bonds to exchange approximately US$809 million for new four and five-year bonds with interest rates of 2.75 per cent and 3.25 per cent respectively.
GNA