President John Dramani Mahama has told bondholders that his government remains committed to honouring all financial obligations.
According to him, despite the economic crises confronting Ghana, his administration will them to every pesewa.
Delivering his first State of the Nation Address (SONA) on February 27, 2025, he declared, “Bondholders can rest assured that they will be paid up to the last pesewa.
President John Mahama few days ago directed the Ministry of Finance to settle outstanding Domestic Debt Exchange Programme (DDEP) coupons and build a financial buffer through the Sinking Fund.
In line with this directive, the Ministry of Finance has on Monday, February 17, disbursed a Payment-In-Cash (PIC) coupon of GH₵6.081 billion to all DDEP bondholders. Additionally, a Payment-In-Kind (PIK) portion of GH₵3.46 billion has been credited to bondholders’ securities accounts, in accordance with the terms outlined in the DDEP Memorandum.
To further strengthen the country’s debt management strategy, the government has also deposited GH₵9.7 billion into the Debt Service Recovery Cedi Account (Sinking Fund). This move is intended to serve as a buffer for the next five DDEP coupon payments due in July and August 2025.
On the issue of debt, he lamented that the previous government left several debts across all sectors, with that of the Energy Sector being a GHC 70 billion debt.
“The past government left a debt of GHC 70bn in the energy sector; agencies in the sector are struggling to stay afloat,” he revealed.
He noted that Ghana’s economy is in distress, describing the current situation as an “unprecedented crisis.”.
“The state of our nation is not good. Our economy is in hardship, and our people are suffering an unprecedented crisis,” Mahama stated, setting a frank and urgent tone for his address before Parliament.
By: Rainbowradioonline.com/Ghana
