2026 Mid-year Budget: Ghana to Repay GhC111 billion in DDEP Bonds in Two Years – Finance Minister

Government will repay GhC111 billion in Domestic Debt Exchange Programme (DDEP) bonds between 2027 and 2028, Finance Minister Dr Cassiel Ato Forson has revealed.

Presenting the 2026 Mid-Year Budget Review to Parliament on Thursday, Dr Forson said the looming maturities require planning to protect the economy.

“In 2027, DDEP Bonds that will fall due are GhC58 billion. Another GhC53 billion will fall due in 2028. In two years alone, Ghana has to repay GhC111 billion. This is the true Agenda 111 Ghana must deal with,” he stated.

The Minister blamed the debt cliff on how the DDEP was structured in 2022.

“This is because the DDEP was not designed to solve Ghana’s problems. It was designed to postpone it deliberately, knowingly and cynically, unfortunately. Its architect mortgaged tomorrow to survive today. They had the duty to fix the roof. Instead, they moved the leak to another room and declared the house repaired,” Dr Forson told lawmakers.

To meet the obligations, he said the government has strengthened the Sinking Fund as part of the 2026/27 Medium Term Debt Management Strategy.

“Meeting obligations of this magnitude requires advance planning, not last-minute scrambling. This is why the government has strengthened the sinking fund to set aside money to repay future debt obligations we inherited,” he noted.

Under the strategy, 7% of non-oil tax revenue together with proceeds from domestic bond issuance will go into the fund.

“As of July 22, the War Chest holds GhC15.6 billion. We are on course to accumulate GhC30 billion by the end of 2026. This will be enough to pay the DDEP debt that will fall due in February 2027,” the Finance Minister said.

Dr Forson added that the buildup in the Sinking Fund is intended to ensure Ghana meets its 2027 and 2028 debt obligations without resorting to emergency borrowing or undermining spending on jobs, infrastructure and social protection.

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