President John Dramani Mahama has instructed the Ministry of Finance to settle outstanding coupons under the Domestic Debt Exchange Programme (DDEP) and establish a financial buffer through the Sinking Fund.
The Ministry of Finance confirmed that it has honoured the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all DDEP bondholders as of February 17, 2025. Additionally, the Payment-In-Kind (PIK) portion of GHS3.46 billion has been deposited into bondholders’ securities accounts in accordance with the DDEP Memorandum.
To ensure future debt obligations are met, the government has also transferred GHS9.7 billion into the Debt Service Recovery Cedi Account (Sinking Fund). This fund will serve as a buffer for the fifth DDEP coupon payment due in July and August 2025.
“President Mahama is committed to the government’s honouring of all obligations under the DDEP,” said Felix Kwakye Ofosu, MP and Spokesperson to the President.
“Through the 2025 Budget Statement, the government will announce further measures that will help to restore market confidence in the economy, prioritise spending, and improve transparency and accountability in public finances,” Mr. Kwakye Ofosu added.
The President acknowledged the economic challenges inherited from the previous administration but emphasized his government’s resolve to restore fiscal discipline.
“Despite the challenging economy that was bequeathed by the previous administration, Government is determined to bring back a stable cedi, control spiralling inflation, and create jobs for the teeming youth of our country,” President Mahama stated.
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