Ghana to swap domestic debt in fight to regain economic stability - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 12/5/2022 10:32 AM
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Ghana will launch a domestic debt exchange on Monday, its Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country’s worst economic crisis in a generation.

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Under the domestic debt exchange, local bonds will be exchanged for new ones maturing in 2027, 2029, 2032 and 2037 and their annual coupon will be set at 0% in 2023, 5% in 2024 and 10% from 2025 until maturity. Ofori-Atta said the government wanted to minimise the impact of the debt swap on small investors so would not apply the terms to Treasury bills or to holders of individual bonds. There will also be no haircut to the principal of the bonds, he said.

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