Gov’t disburses GH₵9.7bn coupon payments under Debt Exchange Programme
By Praisebell Rosemond Larbi
The Government of Ghana has successfully disbursed GHS9.7 billion in coupon payments under the Domestic Debt Exchange Programme (DDEP), reaffirming its commitment to honouring obligations to investors.
In a statement issued in Accra on Tuesday, 19 August 2025, the Ministry of Finance confirmed that a total of GHS9,698,815,220.17 had been paid.
This brings the cumulative coupon payments under the DDEP since January 2025 to GHS19.4 billion.
According to the Ministry, the payment reflects government’s “unwavering commitment” to the Memorandum of Understanding signed with investors as part of the debt exchange framework.
Launched in early 2023, the DDEP forms part of Ghana’s broader debt sustainability strategy. It involved the exchange of existing domestic bonds for new instruments with revised terms.
Although the programme initially faced resistance from investors, government has maintained that strict adherence to agreed timelines is essential for rebuilding trust in the financial markets.
As outlined in the 2025 Mid-Year Fiscal Policy Review, government has also established two dedicated sinking fund accounts, a Cedi Sinking Fund Account and a US Dollar Sinking Fund Account, to serve as liquidity buffers for future redemptions.
These funds, created under the Public Financial Management Act, 2016 (Act 921), as amended, are expected to provide assurance for upcoming maturities in 2026, 2027 and 2028.
“The establishment of these funds and the consistent coupon payments show that government is serious about restoring stability and credibility in Ghana’s debt management framework,” the Ministry stated.
Government further assured investors and the general public that all subsequent obligations, including those under the DDEP, would be honoured fully and on schedule.
