Government Extends Pension Fund Offer and Provides Administrative Window for Additional Holders to Participate

The Ministry of Finance Ghana has announced an administrative window for additional holders to tender their eligible bonds as part of the alternative offer for the pension funds. This comes after the government launched an invitation to exchange approximately GHS31 billion of domestic notes and bonds for new bonds issued by the government.

The original deadline for tendering eligible bonds was set for 25th August 2023 at 4:00 p.m. (GMT). However, in response to feedback from eligible holders who needed more time to secure internal approvals, the government has extended the invitation and set a new expiration date.

The new timetable for the invitation is as follows: the expiration date is now Friday, 25th August 2023 at 4:00 p.m. (GMT), the announcement date is on or about Monday, 28th August 2023, and the settlement date is expected to be Friday, 1st September 2023, or as soon as practicable thereafter. The longstop date is Monday, 4th September 2023, unless further extended by the government.

It is important to note that the issue date, interest accrual schedules, payment schedules, and amortisation schedules for the new bonds will be adjusted to reflect the actual settlement date. Apart from these adjustments and the extension of the invitation, the original terms and conditions remain unchanged.

Eligible holders whose eligible bonds are held on their behalf by a broker, dealer, bank, custodian, trust company, or other nominee are advised to contact such entities if they wish to participate in the invitation. These entities may establish an earlier deadline to receive instructions to tender eligible bonds.

For more information on the procedures and details of the invitation, eligible holders are encouraged to refer to the exchange memorandum available at https://projects.morrowsodali.com/PensionFundsDDE and https://mofep.gov.gh/news-and-events/debt-operations. They can also contact the Central Securities Depository (CSD) for further assistance.

The Ministry of Finance Ghana expresses gratitude to all eligible holders who have already tendered their eligible bonds and looks forward to the participation of additional holders during this extended administrative window.