The government and the Ghana Association of Banks (GAB) have made significant progress on the terms for the participation of banks in the Domestic Debt Exchange Programme (DDEP), the Ministry of Finance has said.

A statement issued by the Finance Ministry in Accra yesterday said, "This agreement encompasses final improvements to the terms of the DDEP, namely an agreement to pay five per cent coupon for 2023 and a single coupon rate for each of the 12 new bonds resulting in an effective coupon rate of nine per cent".

The second one was the clarity on the operational framework and terms of access to the Ghana Financial Stability Fund (GFSF).

The third also was the removal or amendment of all clauses in the Exchange Memorandum that empowers the Republic to, at its sole discretion, vary the terms of the Exchange.

"The GAB recognises the progress made and notes that participation of its member banks in the DDEP, per the new terms, is

subject to each individual bank's internal governance and approval processes but, in any case, not later than January 30, 2023," the statement mentioned.

The statement noted, "This is a significant milestone towards addressing our economic challenges, and will thus help to restore macroeconomic stability and accelerate Ghana's economic growth. With this achievement, the Government of Ghana reiterates its commitment to concluding the DDEP in time with all other stakeholders".