DDEP saved Ghana about $12bn – Amin Adam
Ghana’s Finance Minister, Dr. Mohammed Amin Adam, revealed that the successful implementation of the Domestic Debt Exchange Programme (DDEP) saved the country an estimated $12 billion. Speaking at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, Dr. Amin Adam highlighted the DDEP as a key initiative in tackling Ghana’s financial challenges and managing its debt burden.
Launched in December 2022, the DDEP required domestic bondholders to exchange their bonds for new ones with revised terms, helping to reduce the government’s debt servicing costs. This move was crucial in creating a more sustainable fiscal environment for the country. In addition to the DDEP, Ghana successfully restructured its bilateral debt, resulting in savings of approximately $2.8 billion. Moreover, the country restructured its Eurobonds, leading to a $5 billion debt cancellation and further debt service relief of $4.3 billion.
Overall, between the bilateral creditors and Eurobonds, Ghana secured savings of around $12 billion. Dr. Amin Adam also noted that efforts are ongoing to restructure $2.7 billion in debt with commercial creditors. These measures are part of broader efforts to stabilize the country’s economy amid global financial uncertainties.