Ghana launched a debt swap plan in December as part of attempts to address a spiralling economic crisis, but it has struggled to convince bondholders to register, in part due to a lack of clarity over its terms and concerns about profitability.
Ken Ofori-Atta told the group of over-60s protesting the debt exchange outside the finance ministry that the five-year maturity on offer was favourable given a third of them held instruments with maturities of more than 12 years, despite an interest rate cut to 15% from an average of 18.5%. Those below the age of 59 are being offered a 10% coupon rate, according to a government document last month.
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