Domestic Debt Exchange Expiration Date Extended By Government

The government of Ghana through the Ministry of Finance has announced Domestic Debt Exchange Expiration Date has been extended. This was contained in a press release dated 24th December 2022.

Below is the full press release…

PRESS RELEASE

FOR: IMMEDIATE RELEASE

The Government of Ghana Announces the Further Extension of the Expiration Date of its Domestic
Debt Exchange to 16th January 2023 and Amendments to the Terms of the Domestic Exchange

As part of the Government’s efforts to address the country’s ongoing economic crisis, on 5th December 2022, we launched a domestic debt exchange pursuant to which we invited (the “Invitation”) certain holders of approximately GHS137.3 billion of principal amount outstanding of certain of our domestic notes and bonds issued by the Government, E.S.L.A. Plc or Daakye Trust Plc (the “Eligible Bonds”) to exchange their Eligible Bonds for a package of new bonds to be issued by the Government (the “New Bonds”). The terms and conditions of the Invitation are described in an exchange memorandum (the “Exchange Memorandum”) available at https://projects.morrowsodali.com/ghanadde.

Capitalized terms used but not defined herein have the meaning ascribed to such terms in the Exchange Memorandum.

The Government subsequently announced an extension of the Expiration Date to Friday, 30th December 2022 and the Settlement Date to Friday, 6th January 2023.

2. The Government today announces its decision to extend the Expiration Date of the Invitation from
Friday, 30th December 2022 at 4:00 p.m. (GMT) to Monday, 16th January 2023 at 4:00 p.m. (the “New
Expiration Date”).

The Settlement Date for the Invitation is now expected to occur on Tuesday, 24th January
2023, or as soon as practicable thereafter, but no later than the Longstop Date which is now scheduled for
Tuesday, 31st January 2023, unless further extended by the Government pursuant to the Invitation.

The Announcement Date is now expected to occur on or about 17th January 2023.

3. In addition to the foregoing extensions, the Government announces the following modifications to the
Invitation to Exchange, which are set forth in further detail on the Term Sheet attached as Annex A to this press
release:

i. Offering accrued and unpaid interest on Eligible Bonds, and a cash tender fee payment to holders of
Eligible Bonds maturing in 2023;

ii. Increasing the New Bonds offered by adding eight new instruments to the composition of the New
Bonds, for a total of 12 New Bonds, one maturing each year starting January 2027 and ending
January 2038;

iii. Modifying the Exchange Consideration Ratios for each New Bond. The Exchange Consideration
Ratio applicable to Eligible Bonds maturing in 2023 will be different than for other Eligible Bonds;

iv. Setting a non-binding target minimum level of overall participation of 80% of aggregate principal
amount outstanding of Eligible Bonds; and

v. Expanding the type of investors that can participate in the Exchange to now include Individual
Investors.

4. These modifications will be set forth fully in an Amended and Restated Exchange Memorandum which
is expected to be published during the week of 26th December 2022.

Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omission, defect, error or inconsistency may be included in the Amended and Restated Exchange Memorandum.

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5. As set forth in the Exchange Memorandum, the Government reserves the right in its sole discretion to
extend the timetable for the Invitation at any time and to make amendments to the Invitation at any time.

Any Eligible Holders whose Eligible Bonds are held on its behalf by a broker, dealer, bank, custodian, trust company
or other nominee must contact such entity if it wishes to participate in the Invitation, as such entities may
establish an earlier deadline to receive instructions to tender Eligible Bonds.

6. In making this decision to extend and the modifications described herein, the Government considered
feedback from the financial sector in relation to the need to secure internal approvals.

READ: Pension funds exempted from Debt Exchange Programme

Further, this extension affords the Government of Ghana the opportunity to consider suggestions made by all stakeholders with the aim of adjusting certain measures acceptable within the constraints of the Government’s Debt Sustainability Analysis. END

ISSUED BY THE PUBLIC RELATIONS UNIT
MINISTRY OF FINANCE
THE NEWS EDITOR