Ghana to pay first maturing coupons under domestic debt exchange program

Domestic Debt Exchange Programme
Domestic Debt Exchange Programme

Ghana will start paying the first maturing coupons under the Domestic Debt Exchange Program (DDEP), Finance Minister Ken Ofori-Atta revealed Tuesday on his social media account.

The minister said that he had issued instructions for payment of 2.4 billion Ghana cedis (about 213 million U.S. dollars), adding the move is in line with the government’s commitment to the continued success and credibility of Ghana’s domestic debt operations.

The West African cocoa, gold, and crude oil exporter launched the DDEP last December to restructure its ballooning public debt, which is at the heart of its severe economic crisis.

Debt restructuring was one of the preconditions for qualifying for the much-desired 3.0-billion-U.S. dollar International Monetary Fund bailout package to rescue the ailing economy dogged by fiscal deficit, debt overhang, current account deficit, exchange rate depreciation, and galloping inflation.

Early this month, the S&P Global Purchasing Managers’ Index reported that business conditions in Ghana continued to improve with a further softening of cost pressures on residents.

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