Accra, Jan. 23, GNA – The government and the Ghana Association of Banks have made significant progress on the terms for the participation of Banks in the Domestic Debt Exchange Programme (DDEP).
The progress encompassed an agreement to pay five per cent coupon for 2023 and a single coupon rate for each of the 12 new bonds, resulting in an effective coupon rate of nine per cent.
There is also clarity on the operational framework and terms of access to the Ghana Financial Stability Fund.
A statement issued jointly by the parties said the Association recognised the progress made and noted that the participation of its member Banks in the programme per the new terms was subjected to each individual Bank’s internal governance and approval processes not later than January 30, 2023.
The statement expressed hope that the significant milestone towards addressing the country’s economic challenges would help to restore macro-economic stability and accelerate the country’s economic growth.
“With this achievement, the government reiterates its commitment in concluding the programme in time with all stakeholders,” it added.
GNA