Ghana to Make Third Coupon Payment of GHS 6.1 Billion in August
Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has reported significant progress in fulfilling the government’s financial obligations to investors following the completion of the Domestic Debt Exchange Programme (DDEP) in September 2023.
Speaking during the presentation of the 2024 Mid-Year Budget Review to Parliament, Dr. Amin Adam detailed the government’s successful coupon payments and its ongoing commitment to maintaining investor confidence.
Dr. Amin Adam speaking on the floor of Parliament announced that the third coupon payment, amounting to approximately GHS 6.1 billion is scheduled for August 2024.
This follows the second coupon payment of about GHS 5.9 billion made in February 2024, demonstrating the government’s dedication to honoring its financial commitments.
“I am pleased to report that the government has made substantial progress since the completion of the Domestic Debt Exchange Programme in September 2023. We have successfully honored two coupon payments, with the second payment of about 5.9 billion Ghana cedis in February 2024. Furthermore, we are on track to make the third coupon payment of 6.1 billion Ghana cedis in August 2024,” stated Dr. Amin Adam.
Impact on Investor Confidence
The Finance Minister emphasized the importance of these timely payments in restoring and boosting investor confidence in Ghana’s domestic market.
He noted that consistent adherence to the payment schedule under the DDEP is crucial for economic stability and investor trust.
“The timely payments of these coupons will undoubtedly improve investor confidence in the domestic market and bolster the overall economy,” he affirmed.
Government’s Fiscal Strategy
The Domestic Debt Exchange Programme was initiated to restructure Ghana’s domestic debt and enhance the sustainability of the country’s public finances.
The completion of the DDEP in September 2023 marked a significant milestone in the government’s broader fiscal strategy aimed at reducing debt servicing costs and creating fiscal space for essential developmental projects.
Dr. Amin Adam’s address underscored the government’s commitment to maintaining fiscal discipline and transparency.
By meeting its debt obligations, the government aims to foster a favorable investment climate and promote economic growth.
The Finance Minister’s announcement of the upcoming third coupon payment and the successful execution of previous payments reflect the government’s proactive approach to managing its debt obligations.
This commitment to fiscal responsibility and investor relations is pivotal in ensuring Ghana’s economic resilience and long-term growth prospects.
