The Ministry of Finance has declared its dedication to fulfilling its forthcoming payment obligations in the Domestic Debt Exchange Programme (DDEP).
This announcement comes after the government paid the first coupon due from the Domestic Debt Exchange Programme (DDEP), which amounted to approximately 2.4 billion Ghana Cedis (GH¢2,369,667,190.18).
The DDEP was established in 2022 to restructure Ghana’s unsustainable debt burden.
The program permitted eligible bondholders to exchange their old bonds for new ones with lower interest rates and longer maturities.
In a statement released on Wednesday, the Ministry of Finance stated that the government had fully paid the first coupon due from the DDEP on August 22, 2023, in accordance with the program’s terms and conditions.
The government has also committed to fulfilling all future payment obligations, as specified in the new arrangements.
The Ministry of Finance added that the new bonds issued now dominate the domestic bond market, providing a solid foundation for a rapid recovery.
The ministry expressed its gratitude to all stakeholders, particularly bondholders who voluntarily responded to the national call and participated in the DDEP, reiterating the government’s commitment to a credible and robust domestic securities trading market.