Dr. Mohammed Amin Adam, the immediate past Minister for Finance, has defended the NPP government’s handling of coupon payments under the Domestic Debt Exchange Programme (DDEP).
His comments come after the Ministry of Finance, following a directive from President John Dramani Mahama, honored the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all DDEP bondholders on Monday, February 17.
The government also fulfilled the Payment-In-Kind (PIK) portion of GHS3.46 billion, depositing it into bondholders’ securities accounts as outlined in the DDEP Memorandum, revealed a statement signed by Felix Kwakye Ofosu, Minister of Government Communications.
An amount of GHS9.7 billion was also paid into the Debt Service Recovery Cedi Account (Sinking Fund) as a buffer for the 5th DDEP coupon due in July and August.
Reacting in a social media post on Tuesday, February 18, Dr. Amin Adam stated that the previous NPP government successfully made three coupon payments under the programme before leaving office.
“This means the previous NPP government honored three previous payments, both in Payment-In-Cash (PIC) and Payment-In-Kind (PIK), between August 2023 and December 2024,” the Karaga MP wrote.
He further disclosed that the NPP government paid a total of GHS17.25 billion in PIC and GHS9.77 billion in PIK to bondholders.
“Also, individuals who did not tender their bonds were paid coupons amounting to GHS515.17 million at various times between 2023 and 2024, in line with the MoU signed between the government and the Coalition of Individual Bondholders,” he added.
