Ghana’s government has disbursed 10 billion cedis ($909 million) in coupon payments under its Domestic Debt Exchange Programme (DDEP), the Ministry of Finance announced on Wednesday, marking the sixth such settlement since the nation embarked on a comprehensive debt restructuring amid its worst economic crisis in decades.
The payment, detailed in an official statement, covers interest obligations on cedi-denominated instruments exchanged under the programme. It aligns with the terms outlined in the restructuring memorandum and forms a key component of the government’s broader debt-management and fiscal-consolidation strategy.
According to the ministry, the settlement is intended to reinforce confidence among both domestic and international investors, bolster market stability, and support the country’s credit outlook.
This latest disbursement is notable as it represents the second consecutive “full cash” coupon payment without a payment-in-kind component. Officials described this as a reflection of Ghana’s improving fiscal capacity and a stronger solvency position as the economy shows signs of recovery.
The world’s second-largest cocoa producer initiated the DDEP in late 2022 as part of a concerted effort to restore debt sustainability. The move followed a severe fiscal squeeze that necessitated a sweeping debt overhaul and placed significant strain on banks, asset managers, and pension funds holding substantial portfolios of government securities.
Looking ahead, the finance ministry reaffirmed its commitment to meeting future DDEP obligations, strengthening liquidity buffers, and improving macroeconomic conditions. The goal remains to ease inflationary pressures and reduce interest rates.
The government also indicated its intention to re-enter the domestic debt market later this year and has already selected bond market specialists to lead the process.
($1 = 10.9900 Ghanaian cedi)
