The alternative Domestic Debt Exchange Program (DDEP) being provided by the Government of Ghana (GOG) has received the support of the Chamber of Corporate Trustees, which has signaled its readiness to participate in it.
This echoes the Ministry of Finance’s earlier announcement that the second phase of its Domestic Debt Exchange Programme (DDEP) would involve the restructuring of pension funds totaling GH3 billion. The exercise will have an impact on E.S.L.A. Plc and Daakye Trust Plc, according to the ministry.
The Chamber of Corporate Trustee highlighted that it had worked closely with organized labor, with the latter offering technical guidance, in a statement signed by the chamber’s executive secretary, Thomas Kwesi Esso, and sighted by 1Family Radio.
“The Chamber of Corporate Trustee is happy to green light the participation of its members in this new Alternative offer from GOG for pension schemes. The chamber had worked closely with Organized labor, providing the technical advice to enable us to reach this joint agreement that Pension Fund Schemes can now participate in this offer,’’ parts of the statement noted.
“The chamber of Corporate Trustees’ objectives were to ensure that there was no loss in the patrimonial value of the bonds, that the bonds were tradable, and that there was assurance of liquidity. In addition to these, we also hope any restructuring of bonds held by pension schemes will contribute to the recovery of the Ghanaian economy,’’ it stated.