The Backstory
The Ministry of Finance has honoured the Payment-in-Cash (PIC) coupon of GHS6.091 billion to all Domestic Debt Exchange Programme (DDEP) bondholders following a directive from President John Dramani Mahama.
In line with the DDEP Memorandum, the Pay-in-Kind (PIK) portion of GHS3.46 billion, was honoured by depositing into the respective bondholders’ securities accounts.
Also, the government paid an amount of GHS9.7 billion into the Debt Service Recovery Cedi Account (Sinking Fund) as a buffer for the 5th DDEP coupon that will fall due in July and August, 2025.
This was communicated to the general public through a statement signed and issued on Monday February 17, 2025 by Felix Kwakye Ofosu, Spokesperson to the President and Minister, Government Communications.
He stated that President John Mahama is committed to the government’s honouring of all obligations under the DDEP.
Ultimately, Government seeks to restore fiscal prudence while ensuring value for every pesewa spent. Despite the challenging economy that was bequeathed by the previous administration, Government is determined to bring back a stable Cedi, control spiralling inflation and create jobs for the teeming youth of our country.
Felix Kwakye Ofosu MP, Spokesperson to the President
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Few hours after this communications were issued, social media users on X (formerly twitter) expressed their opinions on the subject matter.
Some arguments were of the reason that the current President and his government only rode on the former government’s strategic planning to settle these debts. On the other hand, some people applauded President John Mahama and his government for honouring these payments. Read comments below.
The DDEP Social Media Rants
On a real, Mahama paying GHS6Bn to DDEP bond holders gotta be a life saver. KAMA group CEO & many others lost their lives; pensioners couldn’t get their monies. We voted for good leadership; every Ghanaian must be proud!
— Albert Nat Hyde ™ (@1BongoIdeas) February 17, 2025
Good evening everyone, heartwarming news coming from the President of the Republic,HE John Dramani Mahama instructing the Ministry of Finance to settle DDEP coupons and build buffers through the payment of GH 59.7 million into the Sinking Fund. This is the kind of leadership we…
— Joyce Bawah Mogtari (@joyce_bawah) February 17, 2025
John Mahama is paying those who were affected by the DDEP through the Sinking
— Mendel Jhunior (@alfredpasungu) February 17, 2025
Fund.
This Sinking Fund was created back in 2014 by the same John Mahama. 11 years later, it is saving people's lives.
John Mahama during his campaign told Ghanaians he was going to be truthful and honest to us on all occasions.
— Onipa nua 🇬🇭💰❤️ (@mylo_melo) February 18, 2025
Please come and let Ghanaians know that settlement of DDEP coupons and debt servicing programs was initiated by the Akufo-Addo led NPP government pic.twitter.com/W0dZfD11Je
Whatever payment you’re seeing are Pharoah’s work. He made all the necessary adjustments to repay us. If you’re attributing Dumsor to him, it’s equally important you credit him and not JM for DDEP payments. Because JM don’t even hv a budget out yet. Pls let’s read
— Kay (@Kwesi_Agyei_) February 17, 2025
A gov’t that hasn’t presented its first budget is being credited for coupon payments on DDEP that’s due. Shows how many of the so called journos don’t know anything about governance and administration. NPP made provision for the payment in the last budget presented in December.
— Rex (@RexKwasiDanquah) February 17, 2025
Ghana has maintained a perfect coupon payment record since the successful restructuring of both the Domestic Debt Exchange Programme (DDEP) and Eurobond.
— Mr Irish (@MrIrish3) February 17, 2025
We have also built a financial safety net, known as the Sinking Fund, which has enabled us to make timely payments. For…
