Dr. Cassiel Ato Forson, the Minister-Designate for Finance, has assured Ghanaians of the government’s commitment to addressing the adverse effects of the Domestic Debt Exchange Programme (DDEP) and steering the country toward economic recovery.
During his vetting before Parliament’s Appointments Committee on January 13, 2025, Dr. Ato Forson emphasized the government’s dedication to fulfilling repayment obligations while alleviating the burdens imposed by the debt restructuring initiative.
The DDEP, introduced to mitigate Ghana’s escalating debt crisis, involved the restructuring of domestic bonds and debts, a move that significantly impacted creditors and raised concerns about the country’s financial stability. The programme led to substantial losses for investors and a challenging repayment schedule, leaving many Ghanaians uncertain about the nation’s fiscal future.
In his remarks, Dr. Forson acknowledged the programme’s far-reaching consequences but expressed confidence in the government’s ability to rectify the challenges. He pledged to take decisive measures to restore financial stability and ensure a brighter economic outlook for the country.
“We will do whatever it takes to address the challenges created by the domestic debt restructuring,” Dr. Forson assured.
Details of Ghana’s Debt Obligations
The Minister-Designate provided a comprehensive breakdown of Ghana’s repayment obligations under the DDEP. He revealed that in 2025, the government would need to repay GH¢12.6 billion, followed by GH¢15.7 billion in 2026, and a staggering GH¢53 billion in 2027.
The obligations extend beyond domestic debt, with significant liabilities arising from Eurobond repayments. Dr. Forson disclosed that Ghana has already paid $364 million and will face annual payments of $1 billion starting in 2026.
“These are substantial challenges, but we are committed to meeting these obligations while putting in place measures to ensure long-term economic recovery,” he said.
Path to Economic Stability
Dr. Forson reiterated the government’s resolve to implement strategic interventions that would not only address the immediate impacts of the DDEP but also foster sustainable growth. He appealed for public support and cooperation as the administration works to navigate the difficult road to recovery.
“The goal is not just to repay the debts but to rebuild confidence in Ghana’s financial system and ensure that our economy remains resilient in the face of these challenges,” he concluded.
As Ghana grapples with the ripple effects of the DDEP, the Minister-Designate’s assurances signal a government keen on resolving the country’s fiscal challenges while prioritizing the welfare of its citizens.
Story by: Mercy Addai Turkson
