Ghana CEDI
Ghana CEDI


We have taken note of the 2nd amendment to the Domestic Debt Exchange dated 3rd February 2023
(herein referred to as “DDE-3”) and have reached consensus on its implications and way forward.

We will be holding a virtual town hall meeting per schedule below to debrief members and provide guidance on
their actions relative to the DDE invitation.

A. Meeting Schedule
Date: Monday 6th Feb 2023
Time: 12.30pm
Register in advance:

B. Delayed February Payments
We have also noted government’s declaration of a delay in the payments of coupons and principals due between now and the DDE-3 settlement date of 14th February 2023.

We consider the move by
government to be operationally reasonable to facilitate the onboarding of financial institutions
designated for the DDE-3.

We wish to inform all individual bondholders that the indicated delay in
payments does not automatically constitute a default in conformity with usual bond practise.
The Government’s PROCEDURES MANUAL FOR NATIONAL BORROWING published in October 2021
provides for a short grace period to delay interest and principal payments.

Standard practise by the GoG sets a default at 15 days for principal payments and 30 days for interest payments. This is evident in recent
prospectuses from 2015 to the ESLA and Daakye structured bonds.

C. Recommendation
We recommend that all individual bondholders and collective investment schemes suspend any
responses to the proposed DDE-3 pending the debriefing and provision of guidance at the town hall
meeting as scheduled above.

Thank you.

The Individual Bondholders Forum

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