The country's cocoa board launched a debt securities exchange programme on the terms of the government's exchange memorandum, under which it is inviting holders of its short-term debt securities to voluntarily offer to exchange their cocoa bills for longer-term debt securities.
In comparison, two old domestic U.S. dollar bonds with November 2023 and November 2026 maturities were issued at 4.75% and 6.00% respectively. The cocoa bills represent an aggregate principal of around 7.93 billion cedis . They would be converted into new bonds with a 13% yield, it added.The exchanges are part of efforts by Ghana to restructure both domestic and external debt - a condition set by the International Monetary Fund for a $3 billion bailout secured in May.
The debt comprises domestic dollar bonds, cocoa bills, local currency bonds owned by pension funds, and debt owed to the central bank and independent power producers.
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Source: ITNewsAfrica - 🏆 27. / 59 Read more »