Finance Minister Dr. Cassiel Ato Forson revealed that the Government will settle the GH¢29 billion principal of the Domestic Debt Exchange Programme (DDEP) and a US$590 million Eurobond before the end of 2026, well ahead of their respective 2027 maturity dates. The combined payments, worth more than GH¢36 billion, are intended to reduce the government’s debt repayment burden next year.
During the presentation of the 2027 Budget to Parliament on Thursday, November 12, the Minister said the Cedi Sinking Fund had accumulated GH¢29 billion as of November 11, enough to cover the DDEP principal due on February 16, 2027. He launched an early redemption offer effective November 12, inviting holders of the February 2027 DDEP bonds to collect their principal ahead of maturity.
Although the February payment is part of GH¢53 billion in DDEP obligations scheduled for 2027, the government is still building additional buffers to meet the GH¢11.1 billion interest payment due on the same date. A further GH¢12.5 billion falls due in August, comprising GH¢3.3 billion in principal and GH¢9.2 billion in interest.
“To holders of the February 2027 DDEP bonds, this early redemption offer is there for you, and I invite you to take it. I repeat, to every DDEP bondholder whose bond falls due in February 2027, hear me clearly: your cash is ready. Come for your money. Now to every other DDEP bondholder, hear me clearly: every cedi owed to you, principal and interest, will be paid in full and on time,” the Minister said.
For its external debt obligations, the US Dollar Sinking Fund held US$480 million as of November 11. The Government expects the balance to rise to about US$600 million by December to support the US$590 million Eurobond payment due on January 2, 2027. Another US$580 million in Eurobond obligations falls due on July 2, 2027.
The Minister noted that the government has paid GH¢41.36 billion to DDEP bondholders since 2025, while payments to Eurobond holders over the same period have reached US$2.1 billion. He assured investors that all outstanding principal and interest obligations would be honoured in full and on time.
The early repayments are part of the government’s strategy to manage the concentration of debt maturities in 2027. Their completion will depend on the execution of the redemption offer and the availability of the required funds. Dr. Forson also said the government is introducing financing and borrowing reforms to prevent a recurrence of the debt crisis that necessitated the restructuring.
