NPP Ensured Smooth DDEP Payments Before Leaving Office – Dr. Amin Adam
Former Finance Minister and Karaga MP, Dr. Mohammed Amin Adam, has credited the New Patriotic Party (NPP) for ensuring smooth and timely payments under the Domestic Debt Exchange Programme (DDEP). He dismissed claims that the fourth coupon payment to bondholders was solely due to President John Mahama’s directive. In a Facebook post on February 17, 2025, Dr. Amin clarified that the NPP administration had already put measures in place to meet these financial obligations before the new government took office. He explained that the Akufo-Addo-led administration had strategically built reserves to sustain the debt payment process, ensuring no defaults occurred before their exit. The former minister emphasized that the NPP had already honored three previous coupon payments between August 2023 and December 2024, totaling GH₵17.25 billion in cash payments and GH₵9.77 billion in Payment-In-Kind (PIK). Additionally, GH₵515.17 million was paid to individual bondholders who had not tendered their bonds, in accordance with an agreement between the government and the Coalition of Individual Bondholders.
Dr. Amin provided a detailed breakdown of the NPP government’s previous payments under the DDEP. The first payment in August 2023 amounted to GH₵8.55 billion, comprising GH₵5.42 billion in cash and GH₵3.13 billion in PIK. The second payment in February 2024 totaled GH₵9.11 billion, with GH₵5.85 billion in cash and GH₵3.27 billion in PIK. The third payment, made in August 2024, amounted to GH₵9.35 billion, with GH₵5.98 billion in cash and GH₵3.38 billion in PIK. Dr. Amin stressed that these consistent payments demonstrated the NPP’s commitment to fulfilling financial obligations under the DDEP. He pointed out that the government had built reserves in the Debt Reserves Accounts to sustain upcoming payments, including the fourth coupon payment. He argued that attributing this payment solely to the new administration was misleading, as it was made possible due to the strong financial foundation laid by the previous government.
Furthermore, Dr. Amin defended the NPP’s handling of the domestic debt restructuring, asserting that there were no defaults in coupon payments under their leadership. He reiterated that the government had planned ahead to ensure continued debt servicing without disruptions. He criticized the suggestion that the fourth payment was solely a result of President Mahama’s directive, stating that the funds were already secured before the NPP left office. His comments come amid ongoing discussions about the impact of the Domestic Debt Exchange Programme and the financial policies of successive administrations. Meanwhile, economic analysts continue to debate the long-term sustainability of Ghana’s debt management strategies, with concerns raised about investor confidence in the financial sector.
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