Ghana’s Debt Exchange Program Saves $12 Billion – Amin Adam
The DDEP has been a tremendous success, followed by the successful restructuring of our bilateral debt, which saved us about $2.8 billion
- The Domestic Debt Exchange Program was a major success for Ghana
- The savings were achieved through debt cancellation
- Ghana is still working on restructuring its debt with commercial creditors
Finance Minister Dr. Mohammed Amin Adam announced that Ghana has successfully saved around $12 billion through the Domestic Debt Exchange Programme (DDEP).
This achievement was highlighted during a panel at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group on October 23.
Dr. Amin Adam emphasized the importance of the DDEP in addressing the financial hurdles faced by low-income countries, particularly amid global economic uncertainties. He described the program as a crucial step in alleviating Ghana’s debt burden and creating a more sustainable fiscal landscape.
“The DDEP has been a tremendous success, followed by the successful restructuring of our bilateral debt, which saved us about $2.8 billion. Additionally, the recent restructuring of our Eurobonds, totaling $13 billion, concluded earlier this month, marking another major achievement.
“So far, the program has led to a debt cancellation of approximately $5 billion and a debt service relief of around $4.3 billion. In total, including bilateral creditors and Eurobonds, our savings amount to about $12 billion. We view this as a significant success and are actively working on restructuring with our commercial creditors, involving around $2.7 billion.”
