The Ministry of Finance says the government is committed to honouring its future payment obligations in the Domestic Debt Exchange Programme (DDEP).
This follows its settlement of the first coupon due from the DDEP, which amounted to GH¢2,369,667,190.18 (approximately 2.4 billion Ghana Cedis).
The DDEP was introduced in 2022 in an effort to restructure Ghana’s unsustainable debt burden.
Under the programme, eligible bondholders were given the option to exchange their old bonds for new ones with lower interest rates and longer maturities.
The Ministry of Finance in a statement issued on Wednesday said that “under the terms and conditions of the DDEP, which was launched on 5th December 2022, to complement Government’s fiscal programme, the first coupons of the tendered bonds were due on 22nd August 2023. Accordingly, on Tuesday, 22nd August 2023, government honoured its commitment and fully settled the first coupon due from the DDEP, in the amount of GH¢2,369,667,190.18 (approximately 2.4 billion Ghana Cedis).”
“The Government of Ghana hereby reiterates its commitment to honouring all future payment obligations, in accordance with the terms of the new arrangements.”
The Finance Ministry said the new bonds issued now stood as the dominant instruments in the domestic bond market, laying the basis for a rapid recovery.
“Government further re-affirms its commitment to the success of the New Bonds and a credible and strong domestic securities trading market,” the Finance Ministry added.
The ministry therefore used the opportunity to express its profound appreciation to all stakeholders, especially bondholders who voluntarily responded to the national call and participated in the DDEP.