The Deputy Finance Minister nominee, Thomas Nyarko Ampem, has urged a non-partisan approach to discussions on the Domestic Debt Exchange Programme (DDEP) payments, emphasising the need to focus on its positive impact on the financial sector.
Appearing before the Appointments Committee of Parliament on Monday, February 24, 2025, Ampem stated, “I think we should concentrate on the good news that this sends or signals to the market.”
He reassured investors and stakeholders that the government has made provisions for DDEP payments, reinforcing its commitment to honouring financial obligations. According to him, this step will boost investor confidence and stabilise Ghana’s financial sector.
The Ministry of Finance has fulfilled the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all DDEP bondholders as of February 17, 2025. Additionally, the Payment-In-Kind (PIK) portion of GHS3.46 billion has been deposited into bondholders’ securities accounts in line with the DDEP Memorandum.
Further strengthening debt management efforts, the Mahama administration has initiated a buildup of the Debt Service Recovery Cedi Account (Sinking Fund) with GHS9.7 billion, serving as a buffer for the fifth DDEP coupon due in July and August 2025.
A statement signed by Felix Kwakye Ofosu, Spokesperson to the President and Minister for Government Communications, affirmed, “Through the 2025 Budget Statement, the government will introduce further measures to restore market confidence, prioritize spending, and enhance transparency and accountability in public finances.”
Beyond debt management, Thomas Nyarko Ampem pledged to work closely with the Ghana Revenue Authority (GRA) to use technology to boost government revenue generation.
“I will work with my minister [Dr Cassiel Ato Forson] and Ghana Revenue Authority (GRA) to use technology to ensure that we rake in more revenue,” he assured.
He underscored the role of experienced GRA officials in improving revenue mobilisation, stressing that providing them with the right leadership and incentives would be key to achieving set targets.
“Without technology, we will not be able to achieve the target we’re setting for ourselves. We will build on whatever has been done previously. Government is a continuum. We will deploy all those infrastructure that has been provided for us to be able to improve. We’re going to aggressively pursue revenue generation. And we will cut expenditure, as for expenditure, we need to constrain it,” Ampem stated.