President Nana Akufo-Addo announced that his government will honour coupon payments to Eurobond holders today, January 3, 2025. Apexnewsgh reports
This move is a significant step towards addressing the debt crisis that has affected both domestic and Eurobond holders since the introduction of the Domestic Debt Exchange Programme (DDEP) in 2022.
Akufo-Addo revealed that $346 million has been set aside for coupon payments to Eurobond holders. “I am happy to inform the House that today, January 3, 2025, my government will honour coupon payments to our Eurobond holders amounting to $346 million,” he stated.
The President also highlighted Ghana’s economic progress, noting that the public debt to GDP ratio has decreased from 79.2% in September 2024 to 74.6% in October 2024. This reduction is expected to continue, with debt levels projected to drop to 55% of GDP in present value terms, restoring Ghana’s debt sustainability.
Akufo-Addo emphasized that Ghana’s economy has bounced back, with economic growth returning to pre-COVID levels. “Mr. Speaker, Ghana is not broke, contrary to what the propagandists are saying. We are handing over a country with international reserves worth $8 billion. The government is servicing its debt, honouring coupon payments for both domestic bond and Eurobond holders. Moreover, the debt levels are reducing,” he noted.
This positive outlook is consistent with projections from the International Monetary Fund (IMF) and the World Bank, which forecast Ghana’s economy to recover and grow by 4.4% in 2025.
