Ghana’s Finance Minister, Dr Cassiel Ato Forson, has disclosed that the government paid over GH¢10.9 billion to both domestic and external bondholders in the first half of 2025 as part of its debt servicing obligations.
Speaking during the presentation of the 2025 Mid-Year Budget Review to Parliament, Dr Forson underscored the government’s ongoing commitment to meeting its debt responsibilities under both the restructured Domestic Debt Exchange Programme (DDEP) and outstanding external commitments.
US$700m paid to Eurobond Holders
On the international front, Dr Forson revealed that Ghana has made two separate debt service payments totalling approximately US$700 million to Eurobond holders during the first six months of the year.
This comes even as the government continues to engage commercial creditors under the ongoing debt restructuring exercise.
“We have signed Non-Disclosure Agreements (NDAs) with some commercial lenders,” the Finance Minister said, indicating that negotiations are advancing but remain confidential due to the nature of the agreements.
GH¢3.6b of GH¢9.8bn Paid to DDEP Bondholders, capitalised
Domestically, the government has so far paid a total of GH¢9.8 billion in coupon payments to holders of DDEP bonds.
Out of this amount, GH¢3.6 billion has been capitalised, suggesting a re-investment arrangement agreed upon during the restructuring process that allows a portion of the coupon to be rolled over into future payments.
Dr Forson stated that the capitalisation was part of the agreed terms under the debt exchange programme and was necessary to ease liquidity pressures on government finances while maintaining investor confidence.
Non-Tendered Bondholders receive GH¢1.1 billion
In addition to payments made under the DDEP, the government settled GH¢1.1 billion in debt service to bondholders who did not participate in the domestic debt exchange programme.
These payments, according to Dr Forson, were arrears carried over from 2024.
“The GH¢1.1 billion paid to non-tendered bondholders represents outstanding debt service commitments which we have now honoured,” the Minister added.
Further GH¢10.9bn due in the second half of 2025
Looking ahead, Dr Forson disclosed that GH¢10.2 billion in coupon payments are due in the second half of the year for DDEP bonds.
Additionally, GH¢724.1 million is expected to be paid to non-tendered bondholders before the end of 2025.
He assured Parliament that the government had made adequate fiscal preparations to ensure that all future debt service payments — both domestic and international — are met in full and on time.
“Despite the current challenges, we remain committed to honouring our debt service obligations,” Dr Forson declared, adding that the government’s transparent approach to debt management is intended to build market confidence and support Ghana’s broader economic recovery.
The Finance Minister reaffirmed the government’s resolve to implement sustainable debt strategies that support macroeconomic stability while protecting critical social and infrastructure spending.
Stakeholders in Ghana’s financial sector have welcomed the continued servicing of domestic and external debts as a sign of the government’s commitment to fiscal discipline, especially as negotiations continue with external commercial creditors under the broader debt restructuring programme.
