Payments of coupons, principals of old bonds to resume by March 13 – Finance Ministry

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 completion of the DDEP with a successful delivery of new securities bond holders, adding, “In doing so the selective default is substantially cured.

It further said 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.”

It therefore concluded that it will continue to work together to advance the progress of the external debt treatment in order to ensure that Ghana’s long term macroeconomic stability.

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