We thank DDEP participants for their sacrifices - Ministry of Finance

The Minister of State in charge at the Finance Ministry, Dr. Mohammed Amin Adam, has expressed gratitude to all participants of government’s Domestic Debt Exchange Programme (DDEP) which was launched in December 2022.

He noted that the sacrifices made by all participants, during a rather difficult time, are duly recognised by the government especially the Ministry of Finance, therefore, the first coupon payments is significant to sustaining the economy.

Speaking in an interview on JoyNews’ PM Business edition show, Dr Amin Adam said “the first payment of matured coupons to bondholders is key for our economy and I want to thank all DDEP participants for their sacrifices”.

“The IMF review is taking place next month [September] and it would have been very bad for us if government defaulted on making the coupon payments and it's important to note that around the same time, we have three debt exchanges ongoing and if we default on making payments, the consequences would be dire on our economy,” he added.

Government on August 23, 2023, confirmed that it had 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).

In a statement issued by the Ministry of Finance, government reiterated its commitment to honouring all future payment obligations, in accordance with the terms of the new arrangements.

It added that the new bonds issued by the government were now pegged as dominant instruments in the domestic bond market, forming the basis for an economic recovery.

In December 2022, the government of Ghana launched the DDEP as part of efforts to restructure Ghana’s unsustainable debt position.

The programme invited eligible bondholders to exchange their old bonds for new ones with lower interest rates and longer maturities.

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