Debt Exchange Programme: Government reaches new agreement with banks

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The Government and the Ghana Association of Banks, GAB, have made significant progress on the terms of participation of Banks in the Domestic Debt Exchange Programme.

A joint statement issued by the Finance Ministry and GAB, said there has been an agreement to pay five percent coupon for 2023 and a single coupon rate for each of the twelve new bonds resulting in an effective coupon rate of nine percent.

The Ghana Association of Banks also asked the government to provide clarity on the operational framework and terms of access to the Ghana Financial Stability Fund and the removal or amendment of all clauses in the Exchange Memorandum that empowers the Republic to, at its sole discretion, vary the terms of the Exchange.

BELOW IS THE FULL STATEMENT

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