Since the restructuring of the Domestic Debts, the previous New Patriotic Party (NPP) government did not default on coupons, former Finance Minister, Dr Mohammed Amin Adam has said.
Buffers were also built in the Debt Reserves Accounts to support upcoming debt service obligations such as the 4th coupon payments, he said.
Dr Amin Adam explained that the NPP government paid a total of GHS17.25 billion in Payment-In-Cash (PIC) and GHS9.77 billion in Payment-In-Kind (PIK) to bondholders.
Also, he said, individuals who did not tender their bonds were paid coupons amounting to GHS515.17 million at various times between 2023 and 2024, in line with the MoU signed between the Government and the Coalition of Individual Bondholders.
Dr Amin Adam was reacting to the successful settlement of the 4th DDEP coupon by the Mahama administration.
A statement released by Felix Kwakye Ofosu, Minister for Government Communications and Spokesperson to the President on Monday, February 17, 2025, said that the payment demonstrated the government’s commitment to meeting financial obligations and restoring confidence in the economy.
The statement stressed that the Ministry of Finance, following a directive from President John Dramani Mahama, has honoured the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all DDEP bondholders.
In a statement, Dr Amin Adam said “The NDC Government has announced that the President has directed the Minister for Finance to honour coupon payments to DDEP bondholders. As reported in the announcement, this will be the 4th coupon payment which is due on Tuesday 18th February 2025. This means the previous NPP Government honoured 3 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 GHS17.25 billion in PIC and GHS9.77 billion in PIK to bondholders. Also, individuals who did not tender their bonds were paid coupons amounting to GHS515.17 million at various times between 2023 and 2024, in line with the MoU signed between the Government and the Coalition of Individual Bondholders. Since the restructuring of the Domestic Debts, the previous NPP government has not defaulted in coupons. Buffers were also built in the Debt Reserves Accounts to support upcoming debt service obligations such as the 4th coupon payments.
The Breakdown of the payments as follows:
1st Payments: August 2023 Total payment – GHS8.55 billion
(PIC – GHS5.42 billion & PIK deposit – GHS3.13 billion)
2nd Payments: February 2024 Total payment – GHS9.11 billion (PIC – GHS5.85 billion &
PIK deposit – GHS3.27 billion)
3rd Payments: August 2024 Total Payment – GHS9.35 billion
(PIC – GHS5.98 billion & PIK deposit – GHS3.38 billion).
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