News:
November 13, 2026
In a major demonstration of fiscal consolidation and restored market confidence, the government has announced the immediate early redemption of GH¢29 billion in Domestic Debt Exchange Programme (DDEP) bonds falling due in February 2027, alongside plans to clear a US$590 million Eurobond obligation by the end of the year.
The announcement was made on Thursday by the Minister for Finance, Dr. Cassiel Ato Forson, during the presentation of the 2027 Budget Statement and Economic Policy in Parliament.
Dr. Forson declared that the early redemption of the February 2027 DDEP bonds takes effect from today, November 12, 2026.
“Permit me to announce early redemption of the GH¢29 billion of DDEP bonds falling due in February 2027, effective today, the 12th of November 2026,” Dr. Forson stated. “To holders of the February 2027 DDEP bonds, this early redemption offer is there for you, and I invite you to take it.”
In a departure from standard bureaucratic language, the Minister issued a direct, emphatic assurance to bondholders regarding liquidity.
“I repeat, to every DDEP bondholder whose bond falls due in February 2027, hear me clearly: Your cash is ready. Come for your money,” he said. “Now to every other DDEP bondholder, hear me clearly: every cedi owed to you, principal and interest, will be paid in full and on time.”
Eurobond Obligations and Sinking Fund
Beyond the domestic debt, the government is also accelerating the servicing of external obligations. Dr. Forson revealed that US$590 million in Eurobond obligations falls due on January 2, 2027, with a further US$580 million due in July 2027.
To prepare for these payments, the Ministry has been aggressively building buffers. As of November 11, 2026, the US Dollar Sinking Fund Account had accumulated approximately US$480 million.
“We are on course to increase that balance to about US$600 million by December 2026 in preparation for the January 2027 Eurobond repayment,” the Minister noted.
Dr. Forson announced that the government intends to pay off both the January 2 Eurobond and the February domestic bond by December 31, 2026, clearing more than GH¢36 billion in debt ahead of schedule.
“More than GH¢36 billion paid back early. More than GH¢36 billion less debt by December 2026. That is what discipline delivers,” he said.
A Break from the Past
The Finance Minister criticized the previous administration for what he described as a deliberate postponement of the DDEP repayment burden, which left massive obligations for 2027 and 2028.
“In our assessment, that repayment structure set Ghana up for another debt default,” he said. “But the good news for the people of Ghana is this: Ghana will not default again, on the watch of President John Dramani Mahama.”
Dr. Forson emphasized that the government is protecting the sacrifices Ghanaians made during the painful debt restructuring process by ensuring the country honors its commitments and safeguards its restored credibility.
Rating Agency Confidence
The Minister also touted the country’s improving economic credentials, citing recent actions by global credit rating agencies. He noted that Fitch upgraded Ghana to ‘B’ with a positive outlook in May, S&P affirmed a ‘B-/B’ rating with a stable outlook in September, and Moody’s upgraded the country from ‘Caa1’ to ‘B3’ in October.
“The improvement in Ghana’s credit ratings reflects greater confidence in the management of the economy,” Dr. Forson added.
Ghanamps.com