Finance Minister Dr Cassiel Ato Forson has announced the early redemption of GH¢29 billion in Domestic Debt Exchange Programme (DDEP) bonds that were originally due for repayment in February 2027, telling affected bondholders: “Your cash is ready. Come for your money.”
The announcement was made on Thursday, November 12, 2026, when the Finance Minister presented the 2027 Budget Statement and Economic Policy to Parliament.
The offer covers eligible investors whose principal repayments fall due in February 2027. It means those bondholders can receive their principal several months before the scheduled maturity date.
The DDEP was introduced in December 2022, when existing government bonds were exchanged for new ones with revised interest rates and longer repayment periods. Banks, insurance companies, pension funds and individual investors were all affected.
GH¢29 billion DDEP bonds offered for early redemption
According to Dr Forson, the Cedi Sinking Fund Account held GH¢29 billion as of November 11, 2026 — enough to cover the full principal on the February 2027 DDEP bonds.
“February 2027 DDEP bondholders, this early redemption offer is there for you,” he told the House.
The government says it is also building buffers in the Debt Service Reserve Account to pay the interest due in February 2027 and later interest obligations.
DDEP payments due in 2027: the figures
The Finance Minister set out the size of the DDEP obligations the country faces next year:
- February 2027 total: GH¢40.1 billion (GH¢29 billion principal + GH¢11.1 billion interest)
- August 2027 total: GH¢12.5 billion (GH¢3.3 billion principal + GH¢9.2 billion interest)
- Combined February and August 2027: about GH¢53 billion
- Cedi Sinking Fund balance (Nov 11, 2026): GH¢29 billion
How much has been paid to DDEP bondholders so far
Government says it has kept up with its DDEP payments since 2025. On August 18, 2026, it paid GH¢10.8 billion to DDEP bondholders, which it described as the seventh coupon payment and the third full cash payment.
Total payments to DDEP bondholders since 2025 now stand at GH¢41.36 billion, according to the minister.
On the external side, the government paid US$700 million to Eurobond holders on July 2, 2026, bringing total Eurobond payments since 2025 to US$2.1 billion. Dr Forson added that obligations to bondholders who did not take part in the DDEP have also been met.
Ato Forson’s assurance to all DDEP bondholders
Beyond the February maturity, the Finance Minister sought to reassure all other investors still holding DDEP bonds.
“Every cedi owed to you, principal and interest, will be paid in full and on time,” he said.
The early redemption forms part of the debt management measures in the 2027 Budget. You can read more on the wider spending plans in our report on the 2027 Budget’s GH¢30bn New Economy and US$3bn agriculture commitments. The full budget statement is available on the Ministry of Finance website.
What the DDEP early redemption means for bondholders
For banks, insurers, pension funds and individuals holding February 2027 bonds, the offer means access to their principal months ahead of schedule. That cash can be reinvested or used to meet other needs earlier than planned.
Many individual investors and pensioners were unhappy with the 2022 exchange, which cut returns and pushed back repayment dates. Early payment of principal is likely to be welcomed by holders who have waited for their money.
For the economy, setting aside the cash early reduces the risk of a large repayment squeeze in February 2027, when GH¢40.1 billion in principal and interest is due.
What happens next
Eligible February 2027 bondholders are being urged to take up the early redemption offer. Further details on how holders can redeem are expected from the Ministry of Finance.
The February interest of GH¢11.1 billion and the August 2027 payment of GH¢12.5 billion remain on schedule, with government building up the Debt Service Reserve Account to meet them.
Parliament will now debate the 2027 Budget before it is approved.
Key details at a glance
- GH¢29 billion in DDEP bonds due February 2027 offered for early redemption
- Announced by Finance Minister Dr Cassiel Ato Forson on November 12, 2026, in the 2027 Budget
- Cedi Sinking Fund held GH¢29 billion as of November 11, 2026
- February 2027 DDEP obligations: GH¢40.1 billion (principal and interest)
- August 2027 DDEP obligations: GH¢12.5 billion
- DDEP payments since 2025: GH¢41.36 billion; Eurobond payments since 2025: US$2.1 billion
FAQs
Which DDEP bonds are being redeemed early?
The early redemption covers GH¢29 billion in DDEP bonds whose principal falls due in February 2027.
When was the DDEP early redemption announced?
Finance Minister Dr Cassiel Ato Forson announced it on Thursday, November 12, 2026, while presenting the 2027 Budget to Parliament.
Will other DDEP bondholders be paid?
Yes. The minister said every cedi owed to DDEP bondholders, principal and interest, will be paid in full and on time.
In summary, the government has set aside GH¢29 billion in the Cedi Sinking Fund to pay February 2027 DDEP bondholders early, nearly four years after the debt exchange. With about GH¢53 billion in DDEP payments due next year, the move is aimed at easing the 2027 repayment burden and rebuilding investor confidence.
