2027 budget: Ghana moves to clear GH¢36bn debt ahead of schedule as DDEP repayments loom

Ghana is preparing to clear more than GH¢36 billion in debt obligations ahead of schedule by December 31, 2026, as government moves to address mounting repayment pressures under the Domestic Debt Exchange Programme (DDEP).

Finance Minister Dr Cassiel Ato Forson announced the planned repayments during the presentation of the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026, outlining measures to honour outstanding debt obligations and safeguard the country’s restored economic credibility.

Addressing Parliament, Dr Forson said the government had secured the financial buffers needed to meet its obligations, assuring bondholders that payments would be made in full and on time.

“Every cedi owed to you, principal and interest, will be paid in full and on time,” he said, addressing DDEP bondholders.

The announcement comes as Ghana faces significant domestic debt repayments in 2027, with approximately GH¢53 billion in DDEP bond obligations expected to fall due in February and August alone.

According to the Finance Minister, GH¢40.1 billion in DDEP bonds will mature on February 16, 2027, comprising GH¢29 billion in principal and GH¢11.1 billion in interest.

A further GH¢12.5 billion is expected to fall due in August 2027, made up of GH¢3.3 billion in principal and GH¢9.2 billion in interest.

Dr Forson said the Cedi Sinking Fund Account held GH¢29 billion as of November 11, 2026, sufficient to cover the full principal repayment scheduled for February 2027.

He subsequently announced the early redemption of the GH¢29 billion principal amount of DDEP bonds due in February 2027, effective November 12, 2026, inviting eligible bondholders to take up the offer.

“To holders of the February 2027 DDEP bonds, this early redemption offer is there for you, and I invite you to take it,” he said.

In a strong assurance to affected investors, the minister declared: “Your cash is ready. Come for your money!”

Dr Forson also disclosed that Ghana had accumulated approximately US$480 million in its US Dollar Sinking Fund Account as of November 11, 2026, with the balance expected to rise to about US$600 million by December 2026 to prepare for the January 2027 Eurobond repayment.

The government intends to settle a US$590 million Eurobond obligation due on January 2, 2027, alongside the February domestic bond repayment, by December 31, 2026.

The two repayments, he said, would result in more than GH¢36 billion in debt being cleared ahead of schedule.

“More than GH¢36 billion paid back early. More than GH¢36 billion less debt by December 2026. That is what discipline delivers!” Dr Forson stated.

The Finance Minister attributed the looming repayment burden to the previous government’s debt restructuring arrangements, arguing that the postponement of DDEP obligations had created significant pressure for 2027 and 2028.

“In our assessment, that repayment structure set Ghana up for another debt default,” he said.

He, however, assured Parliament that the current administration was determined to prevent another default, stressing that the country was building buffers to meet its financial commitments.

“Ghana will not default again, on the watch of President John Dramani Mahama,” Dr Forson declared.

He acknowledged the painful consequences of the debt restructuring exercise, which imposed significant losses on households, pension funds, banks, businesses and investors.

“Debt restructuring came at a painful cost to our people. We owe them the discipline to borrow responsibly and plan for repayment,” he said.

Dr Forson said the government’s financing and borrowing reforms were aimed at ensuring that future debt obligations were managed responsibly while preserving the country’s economic recovery and credibility.