Dr. Cassiel Ato Forson, the Finance Minister has made a shocking revelation about the Domestic Debt Exchange Programme (DDEP) inherited from former president Akufo-Addo.
Ato Forson revealed that the Mahama government must repay GHS150.3 billion in domestic debt over the next four years.
According to Ato Forson, in 2027 alone government will have to repay a debt of GHS57.6 billion, and in 2028 also repay GHS52.5 billion.
Speaking on The Point of View on Channel One TV on Wednesday, Dr Forson revealed, “ We have domestic bonds that we inherited. In the next four years put together, we have to repay GHS150.3 billion, of which in 2027 alone we have to repay debt of GHS57.6 billion, and in 2028 we have to repay GHS52.5 billion”.
Dr. Forson further delved into the challenges within the energy sector, emphasizing the urgent need for financial intervention.
He added, “We have inherited an energy sector that is on its knees. An energy sector that is throwing out an annual shortfall of in excess of $2 billion every single year that the state must look for money and finance. In the 2025 budget, I have provisioned GHS28 billion to support the energy sector.
“If we had failed to do that, the energy sector by year-end would have seen difficulties, problems, and this is something we inherited,” he explained.
Meanwhile, John Dramani Mahama has honoured the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all Domestic Debt Exchange Programme (DDEP) bondholders.
This follows a directive from President Mahama to settle all Domestic Debt Exchange Programme (DDEP) bondholders.
The Mahama government have a (PIK) portion of GHS3.46 billion credited into the respective bondholders’ securities accounts.
Spokesperson to the President and Minister, of Government Communications, Felix Kwakye Ofosu made this known in a statement issued on Monday, February 17, 2025.
Felix Kwakye Ofosu asserted that President Mahama is committed to the government honouring all obligations under the DDEP.
The statement reads, “Following a directive from President John Dramani Mahama, the Ministry of Finance has today, 17th February 2025, honoured the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all Domestic Debt Exchange Programme (DDEP) bondholders.
The government has also honoured the Payment-In-Kind (PiK) portion of GHS3.46 billion, deposited into the respective bondholders’ securities accounts in line with the DDEP Memorandum”.
The statement further added that the government has also paid into the Debt Service Recovery Cedi Account (Sinking Fund)an amount of GHS9.7 billion.
Felix Kwakye’s statement added, “ Additionally, the Government has also paid into the Debt Service Recovery Cedi Account (Sinking Fund)an amount of GHS9.7 billion as a buffer for the 5′ DDEP coupon that will fall due in July and August 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 to restore market confidence in the economy, prioritise spending and improve transparency and accountability in public finances”, he added.
Meanwhile, famous comedian and actor, of Ghanaian descent Michael Blackson has expressed his excitement as President John Dramani Mahama honoured the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all Domestic Debt Exchange Programme (DDEP) bondholders.
According to Michael Blackson, President Mahama has put a smile on the faces of kids at my free School.
Michael Blackson in reaction to the news further revealed he is now an official member of the National Democratic Congress(NDC).
