Ofori-Atta’s launches Ghana’s Debt Exchange Program [Full Speech]

KEN OFORI-ATTA MINISTER FOR FINANCE THE LAUNCH OF GHANA’S DOMESTIC DEBT EXCHANGE PROGRAMME

Let me repeat this fact as plainly as I can, in this debt exchange individual holders of domestic bonds are not affected and will not lose the face value of their investments.

Our domestic debt operation involves an exchange for new Ghana bonds with a coupon that steps up to 10% as soon as 2025 (with a first interest payment in 2024) and longer average maturity.

For emphasis, this domestic debt exchange programme will not affect individual bondholders.

In that perspective, we call upon all domestic debt holders to take their share in ensuring that public debt sustainability is quickly restored by participating in this exchange programme.

Our pledge to you all is that Government will take all appropriate measures to safeguard the solvency of the financial institutions involved in the exchange.

In any case, the good news is that the Domestic Debt Exchange has yielded positive results both in Greece and Jamaica, and many others, and will certainly put our economy on a much stronger footing