DDEP: You can’t trade your bonds in case of crisis – Ofori-Atta tells pensioner bondholders

Finance Minister, Ken Ofori-Atta, has informed pensioner bondholders that opting out of the Domestic Debt Exchange Programme means they cannot trade their papers in case of crisis.

“This means that in the event of a crisis, your ability to trade your papers is diminished. But, that’s the choice you made,” he said when he addressed the picketing pensioner bondholders at the premises of the ministry on Wednesday, February 15, 2023

The government on Tuesday, January 14, 2023, closed the Domestic Debt Exchange Programme with over 80 percent participation of eligible bondholders.

The programme, which was voluntary, seeks to tackle the current economic crisis, bring back macroeconomic stability and guarantee sustainable growth.

This comes after five deadline extensions as various groups sought exemptions or improved terms to participate.

Not executing DDEP would have brought grave disorder

According to the government, not executing the domestic debt exchange programme would have brought “grave disorder” in its ability to service the country’s ballooning national debt and exacerbated the current economic crisis.

“The domestic debt exchange programme is being done to help protect the economy and enhance our capacity to service our public debts effectively,” the government in a statement thanking Ghanaians for their support during the torturous DDEP consultation.