The Ministry of Finance has honored its financial obligations under the Domestic Debt Exchange Programme (DDEP) by settling a Payment-In-Cash (PIC) coupon of GHS6.081 billion to bondholders, following a directive from President John Dramani Mahama.
A statement dated February 17, signed by Presidential Spokesperson Felix Kwakye Ofosu, announced that the government has honored the Payment-In-Kind (PIK) obligation by depositing GHS3.46 billion into bondholders’ securities accounts in accordance with the DDEP Memorandum.
Furthermore, to ensure future debt sustainability, the government has allocated GHS9.7 billion to the Debt Service Recovery Cedi Account, also known as the Sinking Fund, as a buffer for the fifth DDEP coupon due in July and August 2025.
Reaffirming the government’s commitment to fiscal responsibility, the statement read, “President Mahama is committed to the government’s honouring of all obligations under the DDEP. Through the 2025 budget Statement, 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.”
The government also emphasized its focus on fiscal discipline, stabilizing the Cedi, and curbing inflation. Despite economic challenges inherited from the previous administration, the statement stressed Mahama’s administration’s resolve to create jobs and improve economic conditions.
“Ultimately, Government seeks to restore fiscal prudence while ensuring value for every pesewa spent,” the statement read. “Government is determined to bring back a stable Cedi, control spiraling inflation and create jobs for the teeming youth of our country.”
Source: Ghana/Starrfm.com.gh/103.5fm/Deborah Amuzu
