Government has cleared last coupons owed to bondholders - President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has announced that the government has fulfilled its financial obligations by settling the last coupons owed to bondholders.

The government had introduced a domestic debt exchange program in 2023 aimed at individual and pension bondholders as part of its revenue target to reach an agreement with the International Monetary Fund (IMF).

During

Read full articlethe State of the Nation address, President Akufo-Addo revealed that GH¢5.8 billion has been paid to domestic bondholders, marking the largest coupon paid in a day in Ghana's history.

"For the last leg of the domestic debt exchange on September 5, 2023, a week ago last Tuesday, on February 20, 2024, the second coupon of GH¢5.8 billion was paid to domestic bondholders. This is the largest coupon paid in a day in Ghana’s history," he said.

He thanked the Republic of China and France, co-chairs of the official creditors committee, for their positive roles in reaching an agreement with bilateral creditors on the external debt side.

The president emphasized that the government is currently engaging with Ghana's external creditors to ensure the successful implementation of the extended credit facility with the IMF.

Despite initial resistance from bondholders, the government proceeded with the program, leading to months of picketing at the Finance Ministry by various bondholder groups.