News & Events

Ghana is today faced with major economic and financial crisis, and its attendant social challenges. In 2020 and 2021, the covid-19 pandemic negatively impacted our fiscal and economic situation. Global risk aversion triggered large capital outflows, a loss of external market access and rising domestic borrowing costs.

On 6th December 2022 our domestic debt operation (which we formally refer to as the Invitation to Exchange) was launched. Over the last ten days, we continued the consultation efforts that we initiated with all stakeholders ahead of the launching of the offer, including regulators, bankers, pension funds, asset managers, insurance companies etc.

This year would undoubtedly go down as one of the most challenging in the economic history of our country. Like the rest of the world, we were hit with the COVID-19 pandemic in the first quarter of 2020, which resulted in a slowdown in economic activity, leading to a reduction in our revenues and unbudgeted additional costs associated with fighting the pandemic.

The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo has launched the Economic Enclave Project (EEP) under the Ghana CARES programme at Noyaa Akutso in Kasunya-Nyaphienya, in the Greater Accra Region.

On behalf of the Government of Ghana, I wish to set out the background of a debt exchange programme that will allow our country to restore sound public finance and sustainable debt levels, and to kickstart economic growth following the impact of the COVID-19 pandemic.

The Republic of Ghana (the "Republic" or “Ghana”) announced today that it is inviting Eligible Holders (as defined below) to exchange (the “Invitation”) approximately GHS137.3 billion of the domestic notes and bonds of the Republic, E.S.L.A. Plc and Daakye Trust Plc specified in Table A below (the “Eligible Bonds”) for a package of New Bonds (as defined below) to be issued by the Republic