In fulfillment of government assurance to bondholders who did not tender their old bonds, the Ministry of Finance is taking administrative steps to ensure that payments of coupons and principals of the old bonds resume by March 13, 2023.
In a statement, the Ministry, however said the newly issued bonds have been settled and listed and will become the new benchmark bonds for the fixed income market.
The Ministry of Finance will work with relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign debt market”, it pointed out.
S&P rating acknowledges successful delivery of new bonds
On February 34, 2023, S&P Global Ratings raised Ghana’s local currency sovereign credit ratings from Selective Default (SD) to ‘CCC+/C’.
The Finance Ministry said this acknowledges the successful completion of the Domestic Debt Exchange Programme with a successful delivery of new securities to bondholders, adding, “In doing so the selective default is substantially cured”.
It continued that the above stated milestone is further expected to accelerate the engagement with the country’s creditors, adding, “The government also takes this opportunity to assure our external creditors of equal importance to the Republic of Ghana.”
We, will therefore, continue to work together to advance the progress of our external debt treatment, in order to ensure Ghana’s long term macroeconomic stability”, it concluded.