We will partake in government's new DDEP - SSNIT

The Social Security and National Insurance Trust (SSNIT) has said the new terms of the Domestic Debt Exchange Programme (DDEP) offered by government was better than the previous one.

According to the Director-General of SSNIT, Dr John Ofori Tenkorang, the Trust will fully participate in government’s alternative Domestic Debt Exchange Programme including pension funds.

He noted that the move will however not affect its payment of pensions to beneficiaries.

“Government has tabled a new offer for pension funds that are holding government bonds, and the terms of the offer are certainly better than the first so we will look at it and then we will subscribe and make sure that we have enough liquidity to be able to pay immediate benefits when they are due”, Director General of SSNIT, Dr. John Ofori Tenkorang said.

The Ministry of Finance in a statement said the invitation is intended to enable the pension funds to preserve their patrimonial value while exchanging their eligible bonds for bonds that offer more potential liquidity.

The restructuring of the second phase of the DDEP will affect the Energy Sector Levy Act (E.S.L.A) Plc and Daakye Trust Plc.

SA/MA

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