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Principal and coupon payments on old bonds to start on March 13 – Finance Ministry

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Finance Ministry says payment of coupons and principals in respect of the Domestic Debt Exchange Programme (DDEP) will start on March 13, 2023.

This only applies to old bondholders who did not sign up for the DDEP, according to a communiqué from the Ministry.

“Secondly, in fulfillment of the assurance given by Government to bondholders who did not tender, the Ministry is taking administrative steps to ensure that payments of coupons and principals of the old bonds resume by 13th March, 2023,” part of the statement reads.

The Finance Ministry in a statement on February 27, 2023, explained that new bonds settled and listed will become the new benchmark bonds.

“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 bond market,” the Finance Ministry stated in the statement.

The assurance comes against the backdrop of three bondholder groups marching to the Finance Ministry on Monday to demand the immediate payment of coupons and principals which matured on February 6th and 20th February, 2023.

They are the Coalition of Individual Bondholders Groups made up of Pensioner Bondholders Forum, Individual Bondholders Association of Ghana and Individual Bondholders Forum.

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