Former Finance Minister Dr. Mohammed Amin Adam has disclosed that the New Patriotic Party (NPP) government disbursed a total of GH¢27.02 billion to bondholders under the Domestic Debt Exchange Programme (DDEP) before exiting office in January 2025.

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His statement comes in response to the incumbent government's announcement that it had completed the Payment-In-Cash (PIC) component of GH¢6.081 billion to all DDEP bondholders as of February 17, 2025. The Payment-In-Kind (PIK) portion of GH¢3.46 billion has also been credited to bondholders' securities accounts, in line with the DDEP Memorandum.

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Dr. Amin Adam detailed the payments made under the NPP government, emphasizing that the previous administration never defaulted on any coupon payment obligations.

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"The NDC government has announced that the President has directed the Minister for Finance to honour coupon payments to DDEP bondholders. As reported, this will be the 4th coupon payment, due on Tuesday, February 18, 2025. This means the previous NPP government successfully honoured three prior payments between August 2023 and December 2024," he stated.

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He further broke down the total payments made under the NPP administration:

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1st Payment (August 2023): GH¢8.55 billion (PIC - GH¢5.42 billion, PIK deposit - GH¢3.13 billion)

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2nd Payment (February 2024): GH¢9.11 billion (PIC - GH¢5.85 billion, PIK deposit - GH¢3.27 billion)

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3rd Payment (August 2024): GH¢9.35 billion (PIC - GH¢5.98 billion, PIK deposit - GH¢3.38 billion)

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According to him, individuals who did not tender their bonds under the programme received coupon payments amounting to GH¢515.17 million between 2023 and 2024, in line with the Memorandum of Understanding (MoU) signed between the government and the Coalition of Individual Bondholders.

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Dr. Amin Adam also highlighted that buffers were built in the Debt Reserve Accounts to support future debt service obligations, including the 4th coupon payments now being undertaken by the current government.

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"Since the restructuring of domestic debts, the previous NPP government has not defaulted in coupons," he reiterated, defending the administration’s handling of Ghana’s debt crisis before leaving office.

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