ACCRA, Tuesday 20th December, 2022… As part of the Republic of Ghana’s (the "Republic") efforts to address the country’s ongoing economic crisis, on 5 December 2022, it launched a domestic debt exchange pursuant to which it invited (the “Invitation”) certain holders of approximately GHS137.3 billion of principal amount outstanding of certain of its domestic notes and bonds issued by the Republic, E.S.L.A. Plc or Daakye Trust Plc (the “Eligible Bonds”) to exchange their Eligible Bonds for a package of new bonds to be issued by the Republic (the “New Bonds”).
The terms and conditions of the Invitation are described in an exchange memorandum (the "Exchange Memorandum") available at https://projects.morrowsodali.com/ghanadde. Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Exchange Memorandum.
The Republic announced its decision to extend the Expiration Date of the Invitation from Monday, 19 December 2022 at 4:00 p.m. (GMT) (the “Old Expiration Date”) to Friday, 30 December 2022 at 4:00 p.m. (GMT) (the “New Expiration Date”). The Settlement Date for the Invitation is now expected to occur on Friday, 6 January 2023, or as soon as practicable thereafter, but no later than the Longstop Date which is now scheduled for Monday, 13 January 2023, unless further extended by the Republic pursuant to the Invitation. The date that the Republic will announce the results of the Invitation is now expected to occur on or about 2 January 2023. Moreover, the issue date, interest accrual schedules, payment schedules and amortization schedules for the New Bonds will be adjusted to reflect the actual Settlement Date. Except as set forth in this paragraph, the terms and conditions of the Invitation are not modified or amended.
As set forth in the Exchange Memorandum, the Republic reserved the right in its sole discretion to extend the timetable for the Invitation at any time. Any Eligible Holders whose Eligible Bonds are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in the Invitation, as such entities may establish an earlier deadline to receive instructions to tender Eligible Bonds.
In making this decision to extend, the Republic considered feedback from the financial sector in relation to the need to secure internal approvals. Further, this extension affords the Government of Ghana the opportunity to consider suggestions made by all stakeholders with the aim of adjusting certain measures acceptable within the constraints of the Government’s Debt Sustainability Analysis.