DDEP: We will honour all future debt obligations and payments – Finance Ministry

Government through the Ministry of Finance has expressed commitment to honor future debt obligations and payments to participants of the Domestic Debt Exchange Programme.

The assurance comes after government settled the payment of the first matured coupons from the debt swap amounting to GH¢2,369,667,190.18 (approximately 2.4 billion Ghana Cedis).

In a statement issued by the Ministry of Finance on August 23, 2023, the Ministry noted, “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 statement added.

Meanwhile, the Ministry of Finance said 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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