Former Finance Minister, Dr. Mohammed Amin Adam Antah, has commended the erstwhile New Patriotic Party (NPP) administration for its role in the smooth debt servicing the government is currently undertaking.
He says the immediate past NPP government strategically built buffers in Ghana’s Debt Reserves Accounts that has fostered the government’s continuous debt servicing obligation.
The former Minister made a post on his Facebook Monday, February 17, 2025, following a directive from President Mahama to the Finance Minister, Dr. Cassiel Ato Baah Forson, to honour the fourth coupon payment to Domestic Debt Exchange Programme (DDEP) bondholders.
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The lawmaker indicated in his post that although the payment is being made by this administration, the previous government should be acknowledged for the role it played in ensuring this becoming a reality.
“Since the restructuring of the Domestic Debts, the previous NPP government has not defaulted in coupon payments. Buffers were also built in the Debt Reserves Accounts to support upcoming debt service obligations such as the 4th coupon payments,” he said in portions of his post.
He further highlighted that the previous administration, despite the economic turmoil the nation underwent, honoured three coupon payments before leaving office, something he says underscores their commitment to meet the nation’s debt obligations.
He detailed the breakdown of these payments, revealing that a total of GH¢17.25 billion was paid in Payment-In-Cash (PIC), while GH¢9.77 billion was paid in Payment-In-Kind (PIK) between August 2023 and December 2024.
“The NPP government paid a total of GH¢17.25 billion in PIC and GH¢9.77 billion in PIK to bondholders. Also, individuals who did not tender their bonds were paid coupons amounting to GH¢515.17 million at various times between 2023 and 2024, in line with the MoU signed between the government and the Coalition of Individual Bondholders,” Dr Amin Adam disclosed.
Providing further details, he explained that the first coupon payment in August 2023 amounted to GH¢8.55 billion, with GH¢5.42 billion paid in cash and GH¢3.13 billion deposited in PIK.
The February 2024 payment which was the second, totalled GH¢9.11 billion, comprising GH¢5.85 billion in PIC and GH¢3.27 billion in PIK.
The third payment, in August 2024, saw a total disbursement of GH¢9.35 billion, with GH¢5.98 billion paid in cash and GH¢3.38 billion in PIK.
