Ghana extends the deadline for the domestic debt exchange a third time

Ghana’s Finance Minister Ken Ofori-Atta said on Monday that the deadline for the debt swap program has been moved to January 31 for the third time.

The reason for the extension is to give the government more time to work with institutions and private investors to reach a consensus.

On Twitter, Ofori-Atta said that “stakeholder participation is essential for Ghana’s economic recovery” and that registration for the debt swap would be put off “until more stakeholder participation.”

In December of last year, just days before reaching a staff-level agreement with the International Monetary Fund (IMF) for a $3 billion rescue package, the crisis-hit country announced the debt swap plan through the ministry of finance.

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The initial Dec. 19 deadline for the debt exchange had already been moved forward to Dec. 30 and then to Jan. 16.

Following a public outcry, the initial offer was revised to exclude pensioners but later included individual bondholders who had been excluded.

Ghana this week offered to give holders of its 2023 bonds a 2% cash charge in exchange for signing up for the exchange, but the initiative has continued to face widespread criticism.