DDEP Archives - Wontumi Online

19 Feb

Minority Sets Record Straight On DDEP Bond Payments

CUD Wontumi0 CommentsBusinessDDEP, Minority

The New Patriotic Party (NPP) Minority Caucus in Parliament, has clarified the alleged misconceptions surrounding the payment of coupons to bondholders, emphasising that the previous NPP administration made timely payments. Dr Stephen Amoah, NPP Member of Parliament for Nhyiaeso, speaking at a press conference on behalf of Dr Mohammed Amin Adam, a former Finance Minister, said: “…We started paying them from 2023, and never ever since then defaulted on coupons. We want to make this clear to our stakeholders and the public. “… The previous NPP administration paid a total of GH¢17.25 billion in cash and GH¢9.77 million in kind…

18 Feb

DDEP: NPP Did Not Default; We Ensured Smooth Payments Before Leaving Office – Dr. Amin Adam

CUD Wontumi0 CommentsBusinessAmin Adam, DDEP

Former Finance Minister Dr. Mohammed Amin Adam has credited the New Patriotic Party (NPP) for ensuring timely coupon payments under the Domestic Debt Exchange Programme (DDEP), stating that the Akufo-Addo government had laid strategic plans for smooth payment processes. Dr. Amin, who is also the Karaga MP, dismissed claims that the decision to honour the fourth coupon payment to bondholders was solely due to a directive from President John Mahama. In a Facebook post on Monday, February 17, 2025, he clarified that the NPP government had already committed resources to meet these obligations before the current administration took office. “The NDC Government has announced that the President has directed the Minister for Finance to honour coupon payments…

24 Oct

DDEP Saved Ghana About $12bn – Amin Adam

wontumionlineBusinessAmin Adam, DDEP

The Finance Minister, Dr. Mohammed Amin Adam, revealed that the successful execution of the Domestic Debt Exchange Programme (DDEP) has saved Ghana an impressive $12 billion. Dr. Amin Adam made this announcement during a panel discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, held on Wednesday, October 23. The discussion centered on the challenges low-income countries face in managing debt, a critical issue for many nations dealing with financial instability exacerbated by global economic uncertainties and external shocks. The Finance Minister said the DDEP as a pivotal policy initiative in tackling…

19 Sep

DDEP Responsible For La General Hospital Reconstruction Delay – Health Minister

wontumionlineNewsDDEP, Dr Bernard Okoe-Boye, La General Hospital

The Minister of Health, Dr. Bernard Okoe-Boye has cited the Domestic Debt Exchange Programme (DDEP) as the reason for delays in reconstructing the La General Hospital. The government has faced backlash for not rebuilding the hospital, which was demolished in 2020. Addressing journalists in Accra, Dr. Okoe-Boye explained that, the DDEP had disrupted the government’s plans for the project. “Due to the debt exchange programme, many financial institutions pulled out during the global financial crisis, leading to the delay in the La General project,” he said. “President Akufo-Addo then directed the Ministry of Health and the Ministry of Finance to…

05 Sep

Banking Sector Recovering From Post-DDEP – Monetary Policy Report

wontumionlineBusinessBanking Sector, DDEP

The Bank of Ghana has revealed that the banking sector’s performance in half-year 2024 pointed to continuing recovery from the macroeconomic challenges since 2022. However, asset quality concerns remained a drag on the performance of the sector. According to its July 2024 Monetary Report, the banking sector remained profitable, liquid, and generally efficient during the review period, with stable solvency reflecting the rebound in profitability in the industry post-Domestic Debt Exchange Programme implementation, as well as the ongoing recapitalisation effort by banks. “The outlook remains stable, but recapitalisation and enforcement of stringent credit underwriting standards, and intensified loan recovery efforts…

07 Aug

Secondary Bond Market Improves But Still Below Pre-DDEP Levels

wontumionlineBusinessBond market, DDEP

The secondary bond market activity improved in the first half of 2024 compared to the same period last year, but is still below pre-Domestic Debt Exchange Programme levels. Investors are still focusing more on the money market. According to trading results, market activity improved for Government of Ghana securities, partly due to growing participation from some offshore investors. Additionally, significant improvement and transparency in sell-buyback trades partly benefited secondary market activity. Overall, the market recorded turnover was worth GH¢19.18 billon. Meanwhile, the completion of external debt rework could be beneficial to the Ghanaian secondary bond market. Ghana’s debt restructuring primarily…

04 Jun

Securing IMF Deal Without DDEP Would Have Been Tough – BoG

wontumionlineBusinessBoG, DDEP, imf

Dr. Philip Abradu-Otoo, the Director of Research at the Bank of Ghana (BoG), has clarified that securing a bailout from the International Monetary Fund (IMF) would have been challenging without the implementation of the Domestic Debt Exchange Programme (DDEP). To stabilise the economy, the government initiated the IMF programme and introduced the DDEP, which resulted in some bondholders experiencing a reduction in their investments and coupons. In 2022, the BoG reported a loss of GHS 60.9 billion due to impairments that occurred during the domestic debt exchange programme. In an interview with Bernard Avle on The Point of View on Citi TV, Dr.…

23 Oct

T-bills Now Constitute Banks Largest Investment Portfolio; Increase To 51% From 17.8% – BoG

wontumionlineBusinessBoG, DDEP, Monetary Policy Report, T-Bills

Investment in treasury bills now constitutes banks largest investment portfolio the Bank of Ghana has revealed in its September 2023 Monetary Policy Report. According to the report, the share of T-bills grew sharply to 51.0% in August 2023, from 17.8% in August 2022. Instructively, the significant increase in the share of short-term investments can be attributable to limited trading on the medium-to-long term instruments because of the Domestic Debt Exchange Programme. Consequently, the share of long-term securities in total investments, declined significantly to 48.8%, from 81.9% over the same reference period. The share of equity investments remained negligible, moderating to…

27 Sep

Government Secures GH₵3.9Bn In Reopened DDEP

wontumionlineBusinessDDEP

The government has secured GH₵3.9 billion in the reopened Domestic Debt Exchange Programme (DDEP), the Ministry of Finance announced on Tuesday. This represents a significant achievement for the government, which is seeking to fully implement its COVID-19 programme for economic growth in the face of the prevailing economic situation. The Finance Ministry in a statement added that, no new tenders will be accepted, and no revocations or withdrawals will be permitted. Meanwhile, the government has set September 29, 2023, as the date for the settlement of the new tranches. The Domestic Debt Exchange Programme is part of the government’s efforts…

20 Sep

Ghana’s Economy Hits Brakes: Q2 Of 2023 Growth Rate Slows To 3.2%

wontumionlineBusinessDDEP, Economy, GDP, Ofori Atta

The latest GDP figures released by the Ghana Statistical Service have highlighted a decline in the growth of the Ghanaian economy, particularly in the industrial sector, which continues to face challenges. During the second quarter of 2023, the economy expanded at a rate of 3.2%, a figure notably smaller than the previous year’s performance (3.5%). Several key subsectors, including construction, electricity, and manufacturing, all experienced contractions during this period, contributing to the overall economic slowdown. Statistical Service also revised the growth rate for the first quarter of 2023, adjusting it from the earlier reported 4.2% down to 3.3%. In the…