Ghana delivers GH¢10 billion interest payment under debt exchange
Ghana has taken another decisive step in its debt restructuring journey, settling GH¢10 billion in interest obligations under the Domestic Debt Exchange Programme (DDEP). The Ministry of Finance confirmed the payout on February 18, 2026, describing it as the sixth coupon settlement since the programme began and the second time bondholders have received a full cash payment without any Payment‑In‑Kind component.
“The Government of Ghana has paid GH¢10 billion in interest obligations under the Domestic Debt Exchange Programme (DDEP),” the Ministry said in its statement. It added that the move “sends a strong positive signal to domestic and international investors, reinforces market confidence, and is expected to support Ghana’s credit outlook while enhancing stability within the financial sector, including banks and pension funds.”
A senior official at the Ministry underscored the government’s determination to stay the course: “The government remains fully committed to meeting future DDEP obligations, supported by improving macroeconomic fundamentals, declining inflation, lower interest rates and a stable cedi.”
This latest disbursement builds on a GH¢9.7 billion coupon payment made in August 2025, which brought total payouts under the programme last year to GH¢19.4 billion. At that time, the Ministry stressed that the settlement was more than routine, calling it a demonstration of Ghana’s resolve to honour commitments and rebuild credibility in debt management.
To reinforce that pledge, authorities introduced two new buffers, a Cedi Sinking Fund and a US Dollar Sinking Fund, designed to provide financial cushions for bonds maturing between 2026 and 2028.
The DDEP, launched in 2022, has been a cornerstone of Ghana’s economic recovery strategy under the International Monetary Fund’s Extended Credit Facility. By restructuring over GH¢203 billion of domestic debt, the programme aimed to ease unsustainable debt service obligations. Yet the process has come at a steep cost: as of mid‑2025, the initiative had cost the nation about GH¢61.7 billion, with banks, pension funds, and the Bank of Ghana among the hardest hit.
The central bank alone absorbed losses exceeding GH¢60 billion due to haircuts on both principal and interest. Governor Dr. Johnson Asiama recently announced plans to recapitalize the institution, explaining that the move was necessary to restore its balance sheet and safeguard monetary policy credibility.
While the financial strain has been considerable, observers note that the latest GH¢10 billion settlement signals Ghana’s determination to navigate the turbulence. For bondholders and citizens alike, the payment is seen as a reassurance that the government is steering the debt ship toward calmer waters.
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