DDEP: Don’t be afraid – Senyo Hosi assures bondholders as Ofori-Atta ‘extends’ deadline
Convener of the Individual bondholders Association of Ghana (IBHAG) Senyo Hosi has urged individual government bondholders not to be afraid – of losing their investments or having variations to their contracts – for not signing up to the Domestic Debt Exchange programme of Government.
Mr Hosi put out the assurance as the deadline for individual bondholders to sign up for the domestic debt exchange programme elapsed Tuesday February 7, 2023.
“Spoke to some Ministers and parliamentary committee Chairmen today. They did not sign up.
Fear not. You have a better bond in the old bond. Do not sign if you do not wish to!Remember: The Finance Minister has categorically said that Individuals are free not to participate,” he wrote on social media.
Meanwhile the Finance Ministry has extended the deadline to 10th February, 2023 for individual bondholders who could not sign up for the programme due to technical glitches as they tried to sign up online.
“In connection with the ongoing Domestic Debt Exchange Programme(DDEP), the Government of Ghana thanks all bondholders who have so far tendered their bonds. However, it has come to the attention of Government that some bondholders faced technical glitches as they tried to complete the online tender process,” a press release signed by Finance Minister Ken Ofori-Atta explained.
There has been widespread fear that persons who failed to sign up for the Domestic Debt Exchange Programme, which means taking a haircut on their investments, will lose their investments altogether. But Mr Hosi has debunked the notion, assisting that their bonds are safe and the terms of their contracts will be respected.