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DDEP: Government extends deadline for participation in pensions fund alternative offer to August 25

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The Government of Ghana has announced the extension of the expiration date for participation in the domestic dollar bonds and pensions funds’ alternative offer program to August 25, 2023.

The GoG on July 31, launched the alternative program to invite holders of pensions fund to exchange approximately GHS 31 billion of their domestic notes and bonds for a package of new bonds to be issued by the Government of Ghana.

The date for the completion of the exchange has been extended once from August 4 when the offer window ended.

Per a new timetable provided in a press release, the invitation to exchange will expire on “Friday, 25th August, 2023 at 4:00pm. The new announcement date is scheduled on or about Monday, 28th August, 2023 with the settlement date expected by Friday, 1st September 2023 or as soon as practicable thereafter.

According to the government, the need for extension has come as a result of some eligible bondholders who have asked for “more time to secure internal approvals to participate in the invitation to exchange due to technical or administrative reasons.”

The statement further indicated that the issue date, interest accrual schedules, payment schedules and amortization schedules for the new bons will be adjusted to reflect the actual settlement date.

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