Ghana Has GH₵29bn Ready for DDEP Bondholders — Ato Forson Tells Investors to Come Early

Ghana's Finance Minister, Dr. Cassiel Ato Forson, has delivered a significant reassurance to investors caught up in the country's Domestic Debt Exchange Programme (DDEP), announcing that bondholders whose payments fall due on 16 February 2027 need not wait — the government is ready to pay them now. Speaking during the presentation of the 2025 Budget, Dr. Forson revealed that GH₵29 billion has already been set aside in a dedicated sinking fund specifically to meet this obligation.

What the Minister Said

Dr. Forson was unequivocal in his message to bondholders: the funds are available, the government is prepared, and there will be no delays when the repayment date arrives. He went further to extend an open invitation, indicating that bondholders do not have to wait until 2027 and can approach the government for their payments at any time.

The announcement is a notable moment in Ghana's ongoing effort to rebuild trust with domestic investors, many of whom were significantly affected when the DDEP was launched in late 2022 as part of the country's broader debt restructuring under an IMF-supported programme. Under that exchange, bondholders were required to swap their existing government bonds for new ones with lower interest rates and longer maturities — a move that caused considerable financial pain for pension funds, banks, insurance companies and individual investors alike.

Blame Directed at the Previous Administration

Dr. Forson did not hold back in apportioning responsibility for the scale of the repayment burden falling in 2027. He accused the previous New Patriotic Party (NPP) government of deliberately structuring DDEP repayments in a manner that shifted the heaviest financial obligations to whichever administration came after them, rather than making provisions during their own tenure.

According to the minister, this was not an oversight but a calculated decision that left incoming government with a massive liability to manage. He stressed, however, that the current National Democratic Congress (NDC) administration has chosen to face the obligation head-on, making full provision for it rather than seeking further delays or renegotiations.

The NPP has not yet publicly responded to these specific claims.

Why It Matters for Ghana

The DDEP remains one of the most consequential and controversial financial events in Ghana's recent economic history. When it was introduced, it rattled confidence in Ghana's domestic financial markets and drew sharp criticism from the very investors — pension trustees, banks and ordinary Ghanaians with savings-linked products — who had long been considered reliable holders of government securities.

The government's ability and willingness to meet the 2027 repayment on time, or even ahead of schedule, carries significant implications beyond the payment itself. It is a signal to both domestic and international investors that Ghana is serious about honouring restructured obligations — a key ingredient in restoring the country's creditworthiness and eventually regaining access to international capital markets on favourable terms.

For ordinary Ghanaians, particularly pensioners and workers whose retirement funds were affected by the DDEP haircuts, the news offers some relief that the government has not lost sight of its commitments. Financial sector analysts and civil society groups have long called for transparency around the sinking fund arrangements, and Dr. Forson's public disclosure of the GH₵29 billion balance goes some way in addressing those concerns.

• Ghana's economic recovery remains closely watched under its IMF Extended Credit Facility programme, and meeting DDEP obligations on time will be seen as a positive signal.
• The sinking fund disclosure may also ease pressure on Ghana's banking sector, which holds significant DDEP-related instruments on its books.
• Investors and observers will now watch closely to see whether the government follows through — and whether any bondholders choose to redeem early.

Ghana's debt restructuring journey is far from over, but the minister's confident declaration marks a meaningful step in demonstrating fiscal responsibility after years of economic turbulence.