In Ghana, local individual Holders of the government of Ghana securities have vowed to resist the government’s planned debt restructure despite a new deadline set.

Ghana’s government has for the third time extended the deadline for the programme to rope in all domestic bond holders.

Under the Programme, domestic bondholders will be asked to exchange their instruments for new ones. Existing domestic bonds as of 1st December 2022 will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032 and 2037.

The annual coupon on all of these new bonds will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. Coupon payments will be semi-annual.