The government has extended the expiring date for it's Domestic Debt Exchange Programme (DDEP) to January 16, 2023.

The DDEP was supposed to expire on December 30, 2022.

The government in December 5, 2022, launched DDEP to restore macroeconomic and debt sustainability.

Debt sustainability analysis conducted by the government indicated that the country's public debt is unsustainable and thus launched the DDEP.

Under the DDEP, the government exchanging existing notes and bonds valued at GHc137.3 billion with a set on new ones maturing between 2025 and 2038.

A statement issued by the Ministry of Finance in Accra on Friday and copied to the Ghanaian Times said the settlement date for the invitation was now expected to occur on Tuesday January 24, 2023 or as soon as practicable thereafter, but no later than the longstop date which was now scheduled for Tuesday 31, 2023, unless further extended by the government pursuant to the invitation.

It said the announcement date was now expected to occur on or about January 17, 2023.

The statement said in addition to the foregoing extensions, the government had modified the invitation to the DDEP.

They statement said the modifications were that offering acrued a d unpaid interest on eligible bonds and cash tender fee payment to holders of eligible maturing in 2023, increasing the new bonds offered by adding eight new instruments to the composition of the new bonds for a total of 22 new bonds, one maturing each year starting January 2027 and January 2038.

"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 eligible bonds, setting a non-binding target minimum level of overall participation of 80 per cent of aggregate principal amount outstanding of eligible bonds," the statement.

It said the expanding the type of investors that can participate in the Exchange to now include individual investors.

"These modifications will be set forth fully in an Amended and Restated Exchange Memorandum which is expected to be published during the week of December 26, 2022. Conforming changes (including adding and modifying defined terms) in respect of the above amendments and modifications to cure ambiguity, omissions, defect, error or inconsistency may be included in the Amended and Restated Exchange Memorandum," the statement said.