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DDEP payments not due to Mahama’s directive but NPP’s strategic planning – Dr Amin Adam
Former Finance Minister Dr. Mohammed Amin Adam has refuted claims that the latest Domestic Debt Exchange Programme (DDEP) coupon payment was solely due to a directive from President John Mahama.
Dr. Amin Adam insists that the New Patriotic Party (NPP) government had already made provisions to ensure bondholders were paid on time, dismissing suggestions that the current administration was solely responsible for the fourth coupon payment.
In a Facebook post on Monday, February 17, 2025, Dr. Amin Adam stated that the NPP government had successfully paid three previous coupon payments before handing over power.
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“The NDC government has announced that the president has directed the Minister for Finance to honour coupon payments to DDEP bondholders.
However, this is the fourth payment, meaning that the previous NPP government had already honoured three payments between August 2023 and December 2024.”
He provided a breakdown of the payments made under the NPP government:
📌 August 2023: GH¢8.55 billion
- PIC: GH¢5.42 billion
- PIK: GH¢3.13 billion
📌 February 2024: GH¢9.11 billion
- PIC: GH¢5.85 billion
- PIK: GH¢3.27 billion
📌 August 2024: GH¢9.35 billion
- PIC: GH¢5.98 billion
- PIK: GH¢3.38 billion
Additionally, GH¢515.17 million was paid to individual bondholders who refused to participate in the DDEP, in line with an agreement between the government and the Coalition of Individual Bondholders.
Dr. Amin Adam stressed that the NPP government had set aside financial reserves to ensure a smooth continuation of coupon payments.
“Since the restructuring of the domestic debts, the previous NPP government has not defaulted on coupon payments.
Buffers were built in the Debt Reserves Account to sustain future payments.”
He further argued that the fourth payment was made possible by the structures NPP put in place, making it misleading for the NDC to claim full credit for it.
“The buffers we built were not accidental. We planned ahead to ensure bondholders receive their payments on time.
The notion that this payment is solely due to a new directive from the current administration is inaccurate.”
The dispute over the DDEP coupon payments is part of a larger debate over economic management, with the NDC and NPP trading blame over the country’s debt situation.
While the NDC claims it is stabilising an economy inherited in crisis, the NPP argues that it put key financial measures in place before leaving office.
The controversy underscores the political tension surrounding Ghana’s economic policies, as both parties seek to shape public perception ahead of future budget announcements.
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