Due to Ghana’s unsustainable debt levels, the government launched a domestic debt exchange programme in December 2022.

The government issued an invitation for the voluntary exchange of approximately GH¢137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.

The Exchange excludes Treasury Bills in totality, and notes and bonds held by individuals (natural persons).

Holders of these bonds were expected to exchange their old bonds for new ones with new maturity dates at new interest rates.

The Bank of Ghana’s Economic and Financial data for June 2023 has provided a summary of interest rates before and after DDEP.

See the table below:



The new bonds on the secondary market are new instruments that were introduced post-Domestic Debt Exchange Programme (DDEP)

SSD/NOQ