The New Patriotic Party (NPP) Minority Caucus in Parliament has asserted that the previous government fulfilled its obligations to bondholders by allocating over GH₵31 billion in payments since August 2023.
According to the minority, these payments include GH₵17.25 billion in cash and GH₵9.77 million in kind, paid between August 2023 and December 2024.
Additionally, individuals who did not tender their bonds received coupon payments amounting to GH₵551.17 million.
The government also honoured a Payment-In-Kind (PIK) portion of GH₵3.46 billion, which was deposited into bondholders’ securities accounts as per the DDEP Memorandum, and further contributed GH₵9.7 billion into the Debt Service Recovery Cedi Account (Sinking Fund) to serve as a buffer for the upcoming fifth DDEP coupon due in July and August 2025.
Clearing misconceptions over bondholder payments
Dr. Stephen Amoah, the NPP Member of Parliament for Nhyiaeso, speaking on behalf of former Finance Minister Dr. Mohammed Amin Adam, has addressed alleged misconceptions surrounding the payment of coupons to bondholders.
“We started paying them from 2023, and never, ever since then defaulted on coupons. We want to make this clear to our stakeholders and the public,” Dr. Amoah stated at a press conference. He stressed that contrary to media claims, the previous administration met its obligations promptly.
Dr. Amoah further urged the public to disregard misinformation, noting that funds had been allocated for the upcoming fourth coupon payment.
“If you label your former Finance Minister a fugitive or claim that bondholders were not paid, it amounts to a national embarrassment,” he added.
Govt’s commitment to fiscal prudence
In a related development, following a directive from President John Dramani Mahama, the Ministry of Finance has recently honoured the Payment-In-Cash (PIC) coupon of GH₵6.081 billion to all Domestic Debt Exchange Programme (DDEP) bondholders. Mr. Felix Kwakye Ofosu, Spokesperson to the President and Minister of Government Communications, announced the payment in a statement on February 17, 2025.
“President Mahama is committed to the government’s honouring of all obligations under the DDEP. Through the 2025 budget Statement, the Government will announce further measures that will help restore market confidence, prioritise spending, and improve transparency and accountability in public finances,” the statement read.
The government’s actions, along with the significant payments made by the previous administration, are aimed at restoring fiscal prudence while ensuring value for every pesewa spent.
In these challenging economic times, the government remains determined to bring back a stable Cedi, control spiralling inflation, and create jobs for the country’s youth.
