The Finance Ministry has announced that the government is expected to pay the first matured coupons of bonds issued under the Domestic Debt Exchange Programme (DDEP).
Bondholders are anticipated to be paid roughly GH¢2.4 billion by the end of today, Tuesday, August 22, 2023.
According to the ministry, the payment is in line with the government's determination to ensure the success and credibility of the country's domestic debt operations.
The move was announced on the ministry's social media platform, X, formerly known as Twitter.
The post read, "In line with government’s commitment to the continued success and credibility of Ghana’s domestic debt operations, instructions have gone out for the settlement of the ~GHC 2.4 billion first coupon payment of the DDEP, due today."
Meanwhile, government stated it has restructured existing bonds totalling GH¢87.76 billion in February of this year into 16 new bonds from August 2027 to August 2038 with maturities and interest rates ranging from 5% to 15%, with semi-annual payments.
The latest development is the payment of the first DDEP coupons announced by the government today.
The tweet by the finance ministry explained that new bonds set the tone for a quick turnaround of the economy and have taken centre stage in Ghana's domestic bond market.
"New bonds now stand as the dominant instruments in our domestic bond market, laying the basis for rapid recovery. We remain committed to the success of the new bonds, and again thank all those who participated in the DDEP for their sacrifices," the Finance Ministry noted.
Read the tweets below:
In line with government’s commitment to the continued success and credibility of Ghana’s domestic debt operations, instructions have gone out for the settlement of the ~GHC 2.4 billion first coupon payment of the DDEP, due today. #ResolvingTogether#GhanaRising 1/2
— Office of the Finance Minister-Ghana (@oofmghana) August 22, 2023
New bonds now stand as the dominant instruments in our domestic bond market, laying the basis for rapid recovery. We remain committed to the success of the new bonds, and again thank all those who participated in the DDEP for their sacrifices. #ResolvingTogether#GhanaRising 2/2
— Office of the Finance Minister-Ghana (@oofmghana) August 22, 2023
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Ken Ofori-Atta, Finance Minister