The Social Security and National Insurance Trust (SSNIT) has revealed that it was not affected by the Domestic Debt Exchange Programme (DDEP).

The Director General in Charge of Investments, Patience Owusu, stated categorically that SSNIT did not suffer any haircuts. She explained that the bonds they had were only extended.

One of the bonds she noted was supposed to mature by 2027 but was extended due to the DDEP.

The Ghanaian government had informed pension fund managers through the DDEP that it was facing financial difficulties and would not be able to repay the full value of their investments on the due dates and interest rates, as per the International Monetary Fund's conditions for support.

The government renegotiated terms with bondholders to reduce debt, extend maturity periods, or offer haircuts, and reduce coupon rates.

In August 2023, SSNIT announced its decision to fully participate in the government's alternative Domestic Debt Exchange Programme (DDEP), including pension funds. At the time, the government intended to restructure GH¢31 billion in pension funds in the second phase of its Domestic Debt Exchange Programme, which would affect E.S.L.A. Plc and Daakye Trust Plc.

SSNIT disclosed that it was satisfied with the provisions under the DDEP and hence signed onto it, assuring pensioners that it would not affect its payment of pensions to beneficiaries.

The move was to help pension funds preserve their patrimonial value while they exchange their eligible bonds for bonds that offer more potential liquidity. Providing an update on this at a press briefing on Monday, April 29, 2024, where SSNIT reacted to the latest International Labour Organization's valuation report, Madam Patience Owusu maintained they suffered no haircuts under the DDEP.

"On the DDEP, we did not suffer any haircuts. The bonds that we had were only extended. One of the bonds we had was supposed to mature in 2027, but due to the restructuring of the bond under the DDEP, it was only extended. So I put on record that we did not suffer any haircuts,” she stressed.