The government has opened an early repayment offer for GH¢29 billion in bonds issued under the Domestic Debt Exchange Programme (DDEP) and set December 31, 2026, as the deadline for settling a US$590 million Eurobond obligation due in January 2027.
The Finance Minister, Dr Cassiel Ato Forson, announced the two repayment plans when he presented the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026.
He said the offer for holders of the DDEP bonds maturing on February 16, 2027, took effect immediately and urged affected bondholders to accept the offer.
Dr Forson assured them that the government had secured the funds to pay the principal.
"To every DDEP bondholder whose bonds fall due on February 16, 2027, hear me clearly, your cash is ready. Come for your money," he told Parliament.
He disclosed that the Cedi Sinking Fund held GH¢29 billion as of November 11, 2026, an amount sufficient to cover the full principal repayment of the February 2027 bonds.
The government intends to settle both the GH¢29 billion DDEP principal and the US$590 million Eurobond obligation before December 31, 2026.
The two payments would amount to approximately GH¢36 billion in debt obligations cleared ahead of their original maturity dates.
The announcement gives effect to earlier government plans to buy back the 2027 DDEP bonds as part of its debt management strategy. It also sets a deadline for settling the January 2027 Eurobond obligation.
DDEP obligations
Dr Forson said Ghana faced approximately GH¢53 billion in DDEP bond obligations in February and August 2027.
The February 16, 2027, maturity comprises GH¢29 billion in principal and GH¢11.1 billion in interest, bringing the total obligation to GH¢40.1 billion.
A further GH¢12.5 billion will fall due in August 2027, comprising GH¢3.3 billion in principal and GH¢9.2 billion in interest.
He said the government was building up funds in the Debt Service Reserve Account to meet the February interest payment and subsequent interest obligations.
The Finance Minister assured other DDEP bondholders that all principal and interest payments owed to them would be made in full and on time.
Eurobond payment
On the country's external debt obligations, Dr Forson said the government planned to settle a US$590 million Eurobond obligation due on January 2, 2027, before the end of December 2026.
He said the US dollar sinking fund held approximately US$480 million as of November 11, 2026, with the government targeting an increase to about US$600 million by December. Another US$580 million Eurobond obligation will fall due on July 2, 2027.
Dr Forson said settling the January Eurobond obligation ahead of schedule, together with the February DDEP principal repayment, would reduce the country's debt obligations in 2027.
He said the move formed part of efforts to restore investor confidence and prevent Ghana from returning to the debt difficulties which led to the 2022 debt restructuring.
Public debt
The Finance Minister disclosed that provisional public debt stood at GH¢759.3 billion at the end of October 2026, representing 47.5 per cent of Gross Domestic Product (GDP).
Domestic debt accounted for 56.4 per cent of the total, while external debt represented the remaining 43.6 per cent.
He said the government's debt management strategy was to reduce its exposure to external debt to limit the effect of exchange rate movements on the country's overall debt position.
Dr Forson also reported that the government had paid GH¢41.36 billion to DDEP bondholders since 2025.
Payments to Eurobond holders over the same period had reached US$2.1 billion, he added.
He attributed the government's improved ability to meet its debt obligations to stronger revenue performance, expenditure controls and the accumulation of financial buffers.
The Finance Minister said the debt restructuring had caused hardship for households, pension funds, banks, businesses and investors, underscoring the need for responsible borrowing and timely repayment.
He blamed the previous administration for pushing substantial DDEP repayment obligations into 2027 and 2028, arguing that the repayment structure risked exposing the country to another debt default.
"The Ghanaian people have sacrificed too much to be taken through the pain again," he said.
Dr Forson assured Parliament that the government would continue to build financial buffers and introduce borrowing reforms to protect the country's restored economic credibility
