DDEP: Govt extends invitation for Ghc31bn pension funds

Government has commenced an alternative offer for pension funds exchange inviting holders of domestic notes and bonds of the central government, E.S.L.A Plc and Daakye Trust Plc.

The government is seeking to exchange approximately, GHS 31 billion principal amount of the eligible bonds for a package of new bonds.

“This invitation is intended to enable the Pension Funds to preserve their patrimonial value while exchange their eligible bonds for bonds that offer more potential liquidity”, a Monday, July 31, 2023, statement from the Ministry of Finance announced.

The Invitation is available only to registered holders of Eligible Bonds that are Pension Funds (“Eligible Holders”).

Eligible Holders tendering their Eligible Bonds pursuant to the Invitation will receive Exchange Bonds of the Government on the terms and subject to the conditions described in the Exchange Memorandum.

All offers to exchange Eligible Bonds made by Eligible Holders (an “Offer” or “Exchange Instruction”) are irrevocable and subject to withdrawal rights under certain limited circumstances.

“By tendering their Eligible Bonds, Eligible Holders represent and warrant that such Eligible Bonds constitute all the Eligible Bonds owned by them and consent to the blocking by the Central Securities Depository (CSD) of
any attempt to transfer them prior to the Settlement Date or the termination of the Invitation by the Republic.

Leave a Comment

Your email address will not be published. Required fields are marked *