Ghana has paid GH¢10.8 billion to bondholders under the Domestic Debt Exchange Programme (DDEP), fulfilling its latest debt-servicing obligation on schedule and in full.
Finance Minister Dr Cassiel Ato Forson announced the payment on Wednesday, August 19, describing it as evidence of the government’s renewed commitment to meeting its financial obligations and restoring investor confidence.
The payment, which fell due on Tuesday, August 18, represents the seventh coupon payment under the DDEP.
Dr Forson had assured Parliament during the 2026 Mid-Year Fiscal Policy Review that the government would honour the GH¢10.8 billion obligation on time and in full.
The latest payment follows a GH¢10.1 billion DDEP coupon payment made on February 17, 2026, which the government also said was settled on schedule and in full.
From debt crisis to regular repayments
The Finance Minister used the latest payment to contrast Ghana’s current debt-servicing position with the economic crisis that forced the country to restructure its debt.
Four years ago, Ghana faced severe fiscal and debt pressures, eventually losing access to international capital markets and implementing a major domestic and external debt restructuring programme.
The DDEP, introduced in 2023, required holders of domestic bonds including financial institutions, pension funds, insurance companies and individual investors to exchange existing instruments for new bonds with revised terms.
Dr Forson has argued that the restructuring was necessary to restore debt sustainability and stabilise the economy.
According to the Finance Minister, the ability to make scheduled payments under the restructured debt is now helping Ghana rebuild credibility with investors.
“There was a time when the world doubted us. Today every payment made on time answers that doubt,” he said during the Mid-Year Budget Review.
He added that “payment after payment, coupon after coupon” was demonstrating that Ghana could once again meet its obligations.
Ghana faces major DDEP maturities ahead
Despite the latest payment, significant domestic debt obligations remain ahead.
Dr Forson disclosed that DDEP bonds worth about GH¢58 billion will mature in 2027, while another GH¢53 billion will fall due in 2028—bringing the total to GH¢111 billion over the two years.
To prepare for these obligations, government has strengthened the Sinking Fund, into which seven per cent of non-oil tax revenues, together with proceeds from domestic bond issuances, are being channelled.
The fund had accumulated GH¢15.6 billion as of July 22, 2026, with government targeting GH¢30 billion by the end of the year.
Dr Forson said the fund would help Ghana meet future debt obligations without resorting to last-minute financing measures.
Eurobond obligations also being serviced
The government has also reported continued payments to Ghana’s external creditors.
Since January 2025, Ghana has paid US$2.1 billion in principal and interest to Eurobond holders, according to the Finance Minister.
The latest GH¢10.8 billion DDEP payment therefore adds to the government’s broader debt-servicing efforts as it seeks to consolidate the gains from the debt restructuring and restore Ghana’s access to international financial markets.
For the government, the timely payment is a significant demonstration that Ghana is moving from a period of debt distress and missed obligations towards a more disciplined approach to public debt management.
Ghana|Atinkaonline.com|Mavis Fantevi