The Ghanaian Ministry of Finance has underscored the government’s unwavering dedication to meeting its forthcoming financial obligations within the Domestic Debt Exchange Programme (DDEP).
This declaration follows the successful settlement of the initial coupon payment under the DDEP, which amounted to approximately GH¢2.4 billion (Ghanaian Cedis).
Implemented in 2022 as a strategic initiative to alleviate Ghana’s unsustainable debt burden, the DDEP has been pivotal in restructuring the nation’s fiscal landscape. This program allowed eligible bondholders the option to exchange their existing bonds for new ones featuring extended maturities and reduced interest rates.
In a press release issued on Wednesday, the Ministry of Finance said: “Under the terms and conditions of the DDEP, which was launched on December 5, 2022, to complement Government’s fiscal programme, the first coupons of the tendered bonds were due on August 22nd, 2023. Accordingly, on Tuesday, August 22nd, 2023, government honoured its commitment and fully settled the first coupon due from the DDEP, in the amount of approximately GH¢2.4 billion.”
The Finance Ministry affirmed the government’s dedication to upholding all future financial responsibilities as per the stipulations of the new arrangements.
Furthermore, the issuance of these new bonds has cemented their prominence as the prevailing instruments in Ghana’s domestic bond market, which augments the groundwork for a robust economic recovery.
The Ministry of Finance also asserted the government’s unshakable support for the triumph of the New Bonds and the development of a reliable and robust domestic securities trading market.
The ministry seized the opportunity to express its gratitude to all stakeholders, particularly bondholders who actively answered the national call and took part in the DDEP.