Former Minister of Finance, Dr. Mohammed Amin Adam
The former Minister of Finance under the Akufo-Addo administration, Dr. Mohammed Amin Adam, has highlighted the previous government’s efforts to settle bondholders affected by the Domestic Debt Exchange Program (DDEP).
This follows the current government’s announcement that President John Dramani Mahama has directed the Minister for Finance to honor the fourth coupon payment to affected bondholders.
In a Facebook post on February 17, 2025, the former minister emphasised that the payment, due on Tuesday, February 18, 2025, follows three previous payments made by the New Patriotic Party (NPP) government between August 2023 and December 2024.
He also provided a detailed breakdown of the payments made under the previous administration.
“This will be the 4th coupon payment, which is due on Tuesday, February 18, 2025. This means the previous NPP government honored three previous payments, both in Payment-In-Cash (PIC) and Payment-In-Kind (PIK), between August 2023 and December 2024.
“The NPP government paid a total of GH¢17.25 billion in PIC and GH¢9.77 billion in PIK to bondholders. Additionally, individuals who did not tender their bonds were paid coupons amounting to GH¢515.17 million at various times between 2023 and 2024, in line with the MoU signed between the government and the Coalition of Individual Bondholders,” he stated.
Dr. Adam emphasised that the NPP government did not default on any coupon payments during its time in office and had built buffers in the Debt Reserves Accounts to support future debt service obligations, including the upcoming fourth coupon payment.
The DDEP, initiated in 2023 as part of Ghana’s broader debt restructuring strategy under an International Monetary Fund (IMF) program, aimed to address the country’s economic challenges and restore fiscal stability.
The program faced criticism from many bondholders, including Ghanaian-born American comedian Michael Blackson, who recently revealed losing part of his $1.2 million Eurobond investment.
Meanwhile, the current government has maintained its commitment to proceed with the fourth coupon payment, underscoring its dedication to continuing the debt restructuring efforts initiated by its predecessor.
The move has been welcomed by stakeholders, who view it as a positive step toward restoring confidence in Ghana’s financial markets.
The completion of the fourth coupon payment is expected to further reinforce Ghana’s credibility on the international stage and support its ongoing engagement with the IMF.
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