President Akufo-Addo has disclosed that his government will honour coupon payments to Eurobond holders today, January 3, 2025.
Both domestic and Eurobond holders suffered haircuts on their investment after the Domestic Debt Exchange Programme (DDEP) was introduced by government in 2022 as a measure for government to raise funds to deal with the debt crisis.
Affected victims are still grappling with the adverse impact of the DDEP while many are yet to receive any coupon payment.
Addressing Parliament during his last State of the Nation Address (SONA) as President, Akufo-Addo announced that an amount of $346 million has been set aside for coupon payments to Eurobond holders on January 3, 2025.
“I am happy to inform the House that today, January 3 2025, my government will honour coupon payments to our Eurobond holders amounting to 346 million United States dollars,” he said.
The President further stated that the country’s economy has bounced back highlighting the various financial gains in recent time.
“The public debt to GDP ratio therefore reduced from 79.2% in September 2024 to 74.6% in October 2024. This is expected to reduced further to 55% of GDP in the present value terms, the level that restores Ghana’s debt sustainability,” Akufo-Addo added.
“Mr Speaker, Ghana is not broke, contrary to what the propagandists are saying. We are handing over a country with international reserves worth $8billion. Economic growth has returned to pre-COVID levels.
“The government is servicing its debt, honouring coupon payments for both domestic bond and euro bond holders. Moreover, the debt levels are reducing,” he noted.