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Ghana achieves 98% participation in Eurobond debt restructuring
The Ministry of Finance has announced the successful completion of its Eurobond debt exchange and consent solicitation process.
The initiative, which aims to restructure Ghana’s Eurobond debt, has received overwhelming support from bondholders, marking a significant milestone in the country’s economic recovery efforts.
Launched on September 5, 2024, the offer invited eligible holders of Ghana’s Eurobonds to exchange their existing bonds for new ones under two menu options—Par and Disco.
As of the final expiration deadline on September 30, 2024, 98.6% of bondholders, representing the recognized principal amount of the existing bonds, participated in the offer.
During the bondholder meetings on Thursday, October 3, holders of the 2013, 2014, and 2015 WB-Guaranteed Notes passed extraordinary resolutions with over 90% representation, enabling the restructuring process to proceed smoothly.
Meanwhile, for Aggregated CAC Notes, consents exceeded 98.7%, meeting the required thresholds for the exchange.
A majority of bondholders (91% of the principal amount) opted for the Disco menu of new notes, while 7.6% chose the Par menu, which remained under its cap of U.S. $1.6 billion, leaving a balance of U.S. $605 million available for future allocation.
Subject to the terms of the exchange, a total of U.S. $126 million in consent fees will be distributed to eligible bondholders who submitted their instructions by the early consent deadline.
The new bonds are expected to be issued on or around October 9, 2024, with full settlement to follow shortly thereafter.
The successful completion of this exchange is a critical step in Ghana’s broader debt restructuring efforts under its International Monetary Fund (IMF) programme, further strengthening the country’s path towards debt sustainability and normalizing relations with international capital markets.
The Government of Ghana expressed gratitude to bondholders for their participation and support, emphasizing that this successful outcome reflects a shared commitment to restoring the country’s economic stability.
In preparation for the issue date, all existing Eurobonds, including those for which no consent or exchange instructions were given, will be blocked from trading to ensure a smooth final settlement.
Source: Citinewsroom.com
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Stop the hypocrisy and serve the interest of Ghana- Della Sowah jabs GBA
Former Member of Kpando, Della Sowah has jabbed the Ghana Bar Association (GBA) over what she describes as hypocrisy.
This follows a press release by the GBA demanding a reversal of the suspension of the Chief Justice, Gertrude Torkornoo.
In a statement dated April 26, the GBA contended that the President’s decision to suspend the Chief Justice under Article 146(10) of the Constitution is flawed.
Responding to the GBA in an interaction with the media, Della Sowah said the GBA’s position is out of hypocrisy where the Association only finds its voice on national issues when the NDC is in power.
“Where was the GBA when Charlotte Osei an astute lawyer was removed as Chair of the Electoral Commission under the erstwhile NPP government?,” she quizzed.
She added that few days ago the GBA in a first press release signed by their President, Mrs. Efua Ghartey, did not find anything constitutionally wrong with the President’s action on the removal of the Chief Justice.
” Why the sharp U-turn? Is GBA serving the interest of a political party rather than Ghana? Who is forcing them,” she asked.
Della Sowah further added that the GBA is not the Constitution and they cannot arrogate to themselves powers they do not have.
” Who are you to declare the decision of the President unconstitutional? Are you now arrogating to yourselves the powers of the Supreme Court?,” she quizzed.
She charged the GBA to refrain from its dislike for the NDC else they would lose their relevance on national matters.
Della Sowah finally advised them to desist from misleading their members and young lawyers on issues of constitutional interpretation due to their biases.
She assured the public that President Mahama will follow the constitution and ensure everything is done in line with the laws of Ghana.
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Communication Ministry To Train 3000 Girls This Year Under The Girls-In-ICT Initiative
The Ministry of Communication, Digital Technology and Innovations is set to train 3,000 girls under this year’s Girls-In-ICT Initiative.
The 2025 edition of the programme will expand its footprint to three key regions: Volta, Upper East and Upper West, with each region hosting 1,000 girls for in-person training sessions.
This marks a significant increase in reach and impact compared to previous years, where only 500 girls received face-to-face training while an additional 500 participated online.
By offering full in-person training to all participants this year, the Ministry aims to provide a more immersive and hands-on experience in Information and Communication Technology (ICT) education.
The Minister, Samuel Nartey George (MP) revealed this when a team from TATA Consultancy Services (TCS) paid a courtesy call on him today in his office and expressed interest in supporting the Girls-In-ICT Initiative.
During the meeting, the TCS team led by the President-MEA, Sumanta Roy commended the Ministry for its efforts in promoting digital inclusion and bridging the gender gap in technology through the Girls-In-ICT programme.
They emphasized the alignment of the initiative with TCS’s global corporate social responsibility agenda, which includes advancing education, promoting digital skills, and empowering underrepresented groups, especially young women in the tech industry.
The Honourable Minister welcomed the interest shown by TCS and noted that strategic partnerships like this are essential to the sustainability and expansion of the initiative.
The Girls-In-ICT Initiative, one of the Ministry’s flagship programs, seeks to equip young girls with practical digital skills and introduce them to the vast opportunities within the ICT sector.
The initiative also aims to address gender disparity in STEM fields and encourage greater female participation in Ghana’s digital economy.
Hon. Samuel Nartey George (MP) speaking about the 2025 rollout, stated: “This year’s program represents our commitment to building inclusive digital skills and creating future leaders in tech.
By expanding in-person sessions to all participants, we’re ensuring that every girl has the opportunity to learn, engage, and grow with hands-on support from professionals and mentors”.
Participants in this year’s training will receive instruction in coding, basic computer operations, cybersecurity and creative digital tools.
The programme also features mentorship sessions with women in tech, ICT competitions and career development workshops designed to build confidence and spark innovation among the girls.
According to the Minister, empowering girls today with ICT skills will transform communities and drive national development. The initiative is a key part of Ghana’s broader digital transformation agenda, which emphasizes equitable access to digital tools and education for all citizens.
About the Girls In ICT Initiative:
The Girls-in-ICT (GIICT) Initiative was introduced in Ghana in 2012. It is an initiative by the International Telecommunications Union to create a global environment that empowers and encourages girls and young women to consider studies and careers in the growing field of ICT.
