DDEP Coupon Payments Were Already Planned – Former Finance Minister Debunks Sole Credit to President Mahama

Former Finance Minister Adam Amin Mohamed has dismissed claims that the decision to honour the fourth Domestic Debt Exchange Programme (DDEP) coupon payment was solely at the directive of President John Mahama. In a statement on Facebook, he clarified that the previous New Patriotic Party (NPP) government had already laid the groundwork for the payments before leaving office.

His comments come after the government settled the latest coupon payments on Tuesday, February 18, 2025, following a directive from President Mahama to Finance Minister Cassiel Ato Forson. While some have credited the new administration for the payment, Mohamed emphasized that the NPP government had never defaulted on coupon payments and had made three successful payments before handing over power.

He revealed that between August 2023 and December 2024, the NPP government paid GHS17.25 billion in cash (PIC) and GHS9.77 billion in Payment-In-Kind (PIK) to bondholders. Additionally, GHS515.17 million was paid to individual bondholders who did not participate in the DDEP restructuring, as per a Memorandum of Understanding (MoU) between the government and the Coalition of Individual Bondholders.

Mohamed further noted that the NPP administration had established buffers in the Debt Reserves Accounts to ensure the smooth execution of upcoming payments, including the fourth coupon payment that has now been settled.

His statement highlights the continuity of Ghana’s debt management strategy, challenging narratives that seek to attribute the payment solely to the new government. As Ghana moves forward, the focus will be on how the current administration sustains these payments while navigating the country’s broader fiscal challenges.