Ghana’s government has paid 10 billion cedis (US$910 million) in interest under its Domestic Debt Exchange Programme (DDEP), the Ministry of Finance of Ghana announced on February 18, 2026. The payment marks the sixth coupon settlement since the country began restructuring its domestic debt amid its deepest economic crisis in a generation.
The ministry said the settlement aims to reassure domestic and international investors, bolster market confidence, and support the nation’s credit outlook. Officials noted that it also contributes to stability across Ghana’s financial sector.
Notably, this is the second “full cash” coupon payment under the programme, with no payment-in-kind component, signaling improved fiscal capacity and a stronger solvency position. The DDEP, launched to restructure high domestic debt obligations, allows Ghana to manage its debt burden while gradually restoring investor confidence.
The programme forms part of Ghana’s broader efforts to stabilize public finances, ensure debt sustainability, and strengthen access to both domestic and international capital markets as the country navigates economic recovery.
Ghana has faced one of its most severe economic crises in decades, driven by rising public debt, fiscal deficits, and external vulnerabilities. The country’s high domestic debt stock, combined with currency pressures and inflationary challenges, prompted the government to launch the Domestic Debt Exchange Programme (DDEP) as a central strategy to restore fiscal stability and investor confidence.
The DDEP, initiated in 2022 and progressively expanded, allows Ghana to restructure maturing domestic securities by exchanging old instruments for new ones with revised interest rates, maturities, or repayment terms. This approach helps the government manage debt service obligations while avoiding disruptive defaults that could destabilize the banking sector.
Interest payments under the programme are made through a combination of full cash coupon payments and, in some cases, payment-in-kind (PIK) instruments, where interest is rolled over into new bonds. The shift toward consecutive full cash payments, as seen with the recent 10 billion cedis ($910 million) coupon settlement, reflects improved fiscal space, strengthened government revenue, and enhanced liquidity in domestic markets.
Ghana’s domestic debt is largely held by local banks, pension funds, and institutional investors, making the DDEP critical not only for government finances but also for financial sector stability. Regular, reliable payments under the programme are intended to reassure investors, maintain market confidence, and support the country’s creditworthiness, particularly as Ghana seeks access to international capital markets and IMF-backed financial support.
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The DDEP operates alongside broader fiscal and economic reforms, including revenue mobilization, expenditure control, and public financial management improvements, aimed at reducing debt-to-GDP ratios and ensuring long-term debt sustainability. By managing domestic debt prudently, Ghana hopes to restore both investor trust and macroeconomic stability, while gradually creating conditions for sustainable growth and private sector development.
