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According to the Finance Ministry, all coupons and principals due up to June 19 have been paid, and instructions for the payment of coupons up until July 10, 2023, have been sent out.
A statement issued on Monday, July 10, 2023, explained that the Ministry of Finance takes this opportunity to thank all bondholders for their continuous support during this period of tight liquidity.
The government is confident that in working with all stakeholders, we shall restore macroeconomic stability, achieve inclusive economic growth, and transform the Republic.
The individual bondholders have over some months protested, calling on the government to settle arrears owed them.
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This comes after the government proposed a 15% coupon rate.
Minister of Finance Ken Ofori-Atta announcing the programme said Ghana is facing a very challenging economic situation amid an increasingly difficult global economic environment, marked by the COVID-19 pandemic, the global economic shock created by the Russian invasion of Ukraine, and disruptions of the global supply chains.
He said for the government to alleviate the debt burden in the most transparent, efficient, and expedited manner, treatment of domestic debt is necessary adding that the invitation does not entail any reduction in the principal amount (haircut) of the eligible bonds which involves an exchange for a new government of Ghana bonds with a 0% coupon in 2023 that steps up to 5% in 2024, and 10% from 2025 onwards.