The government has paid GH¢10 billion in interest obligations in the latest payment to bondholders under the Domestic Debt Exchange Programme (DDEP), a Ministry of Finance source has disclosed to the Daily Graphic. 

The payment marks the sixth coupon settlement under the programme and notably represents the second full cash payment, with no Payment-In-Kind component.

The development reflects improved liquidity and strengthened fiscal capacity.

The settlement covers cedi-denominated DDEP coupon obligations in line with the restructuring memorandum and the government’s broader debt management and fiscal consolidation strategy.

The timely payment will likely send a strong positive signal to domestic and international investors, reinforce market confidence and support Ghana’s credit outlook.

“The government remains fully committed to meeting future DDEP obligations, supported by improving macroeconomic fundamentals, declining inflation, lower interest rates and a stable cedi,” the source said.

Previous payment

In August 2025, the government pumped a staggering GH¢9.7 billion into the economy in the previous coupon payment under the DDEP.

The Ministry of Finance, in a statement, confirmed that GH¢9.69 billion was disbursed on August 19, 2025, bringing the total payout under the programme last year alone to GH¢19.4 billion.

At the time, officials said the move was not just another routine payment, but a strong signal to investors and the public that the government was determined to honour its word, protect confidence in the economy and restore credibility to Ghana’s debt management efforts.

To further back its promise, the government rolled out two new safety nets — a Cedi Sinking Fund and a US Dollar Sinking Fund — to serve as financial cushions for repaying bonds maturing in 2026, 2027 and 2028.

“This payment shows our unwavering commitment to meeting our obligations on time,” the Finance Ministry said in the statement, stressing that all future debts — including those under the DDEP — would be paid in full.

The DDEP, launched in 2022 as part of Ghana’s economic recovery strategy, has often sparked heated debate.

With that payment, it was the view of observers that the government was ready to put its money where its mouth was.

“For bondholders and ordinary Ghanaians alike, today’s announcement may mark a much-needed boost in confidence and a reminder that, despite the turbulence, Ghana’s debt ship is being steered to safety,” the statement said.

As of mid-2025, the DDEP had reportedly cost the nation approximately GH¢61.7 billion, significantly impacting the financial sector, banks and individual investors.

The extensive restructuring of domestic debt was a key component of the country's economic recovery programme under the Extended Credit Facillity programme of the International Monetary Fund (IMF) to address unsustainable debt levels.

The Bank of Ghana, for instance, suffered substantial losses totalling over GH¢60 billion due to haircuts on both principal and interest on its holdings.

It involved restructuring over GH¢203 billion of domestic debt to reduce debt service obligations, with some bondholder payments deferred or modified.

Just last month, the Governor of the Bank of Ghana, Dr Johnson Asiama, said the government had committed to recapitalising the central bank to restore its balance sheet after losses suffered under the DDEP.

He said the recapitalisation was necessary to protect the bank’s operational capacity and maintain confidence in monetary policy following the financial strain caused by the debt restructuring.

Addressing the 128th Monetary Policy Committee press briefing in Accra, the Governor explained that the central bank absorbed significant losses in 2022 when the DDEP was rolled out as part of efforts to stabilise the economy.