GH¢5.8bn paid to bondholders – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has announced that the government has fulfilled its financial obligations by settling the last coupons owed to bondholders, marking a significant milestone in Ghana’s financial landscape.
The government initiated a domestic debt exchange programmes in 2023 aimed at individual and pension bondholders as part of its revenue target to reach an agreement with the International Monetary Fund (IMF).
During the State of the Nation address yesterday, President Akufo-Addo revealed that GH¢5.8 billion had been paid to the bondholders.
In his address, President Akufo-Addo highlighted the historic nature of the payment, stating, “For the last leg of the domestic debt exchange on September 5, 2023, a week ago last Tuesday, on February 20, 2024, the second coupon of GH¢5.8 billion was paid to domestic bondholders. This is the largest coupon paid in a day in Ghana’s history.”
Acknowledging the government’s efforts on the external debt front, President Akufo-Addo expressed gratitude to the Republic of China and France, co-chairs of the official creditors committee, for their positive roles in reaching an agreement with bilateral creditors.
He emphasized the government’s commitment to engaging external creditors to ensure the successful implementation of the extended credit facility with the IMF.
Despite initial resistance from bondholders to the program’s announcement, the government proceeded with its rollout, leading to months of picketing at the Finance Ministry.
Groups such as the Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana expressed disappointment, alleging that the government had failed to honor a Memorandum of Understanding intended to guide an agreed payment plan.
President Akufo-Addo assured that the government remains focused and committed to transparency, fair treatment, and good faith in its engagements with external bondholders, aligning with the principles of the IMF debt sustainability analysis.
