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Update on Ghana’s Domestic Debt Exchange Programme

Update on Ghana’s Domestic Debt Exchange Programme


Accra, Ghana, 31st January, 2023……The Government of Ghana has made significant progress with all stakeholders, including financial sector industry associations and representative groups of individual bondholders, with respect to their participation in the Domestic Debt Exchange Programme (DDEP). The Government hereby announces the following updates:

That based on the agreement reached with the Ghana Association of Banks (GAB), Ghana Insurers Association (GIA), and the Ghana Securities Industry Association (GSIA), the new terms of the exchange have been accepted. A revised and final Exchange Memorandum will be released by Thursday 2nd February 2023.

That based on the engagements with the representative groups of individual bondholders, the following has been offered and will form part of the new Exchange Memorandum:

  1. An affirmation that all individual bondholders are free not to participate;
  2. However, upon a successful DDEP there will be very few of the ‘old bonds’ in circulation, and likely limit its tradability;
  3. In this regard, the Government is pleased to make available the following alternative offer to encourage all individual bondholders to participate in the Exchange:  
  • All individual bondholders who are below the age of 59 years will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate;
  • All retirees (including those retiring in 2023) will be offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.

Additionally, discussions are being finalised with Organized Labour and Pension Fund Trustees, on a separate arrangement in accordance with the Memorandum of Understanding signed with Organized Labour on 22nd December 2022, and in line with government’s debt management Programme. 

With this, Government encourages all stakeholders to participate in the DDEP, an essential step towards meeting our debt sustainability targets and restoring macroeconomic stability and economic growth.


These developments have necessitated the final extension of the deadline from 31st January, 2023, to Tuesday 7th February, 2023, and a new settlement date of Tuesday 14th February, 2023 that will be confirmed via the new Exchange Memorandum. 

The Government appreciates the cordial engagements with the various stakeholders since the beginning of the DDEP, that have made such remarkable progress possible. 

All bondholders are hereby encouraged to commence all administrative processes towards their participation in the Exchange, in line with the agreements reached. End





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