DDEP coupon payments hit GH¢56bn after 6th settlement
Ghana's government has paid over GH¢56 billion in coupon obligations under the Domestic Debt Exchange Programme (DDEP) after its sixth settlement.Summary
The Ghanaian government has now disbursed more than GH¢56 billion in coupon payments under the Domestic Debt Exchange Programme (DDEP), with the latest GH¢10 billion settlement made this week. This February 2026 payment is the sixth since the program's launch in late 2022 and notably marks the first time a DDEP coupon has been settled entirely in cash, without any Payment-In-Kind (PIK) component. The Ministry of Finance attributes this to “strengthened fiscal capacity and solvency” and a commitment to meeting program obligations.
The DDEP was initiated to address unsustainable public debt and secure support from the IMF, involving the exchange of short-term securities for longer-tenor bonds. Initial coupon payments, starting in August 2023, combined cash and PIK portions, but the trend is shifting towards full cash payments, indicating improved liquidity and fiscal buffers. Previous payments included GH¢8.55 billion (Aug 2023), GH¢9.11 billion (Feb 2024), GH¢9.35 billion (Aug 2024), and GH¢9.54 billion (Feb 2025).
Officials believe these timely payments will boost investor confidence, support Ghana’s credit outlook, and stabilize the financial sector, particularly benefiting domestic banks, pension funds, and asset managers holding restructured bonds. The government links this progress to improving macroeconomic fundamentals like declining inflation and a stable cedi, and remains committed to fulfilling future DDEP obligations.
(Source：The Business & Financial Times)