• Ghana paid 10 billion cedis ($910 million) in interest under its Domestic Debt Exchange Programme (DDEP).
• Authorities made the payment fully in cash, marking the second coupon without any in-kind component.
• The government restructured nearly 137 billion cedis of domestic bonds after losing market access in 2022.

The Ghanaian government announced on February 18, 2026, that it paid 10 billion cedis, or approximately $910 million, in interest due under its Domestic Debt Exchange Programme (DDEP).

Authorities made the payment as the sixth coupon disbursement since the launch of the restructuring in late 2022. The government adopted the programme to address the most severe economic crisis the country has faced in decades.

The Ministry of Finance said the authorities executed the payment fully in cash. The ministry added that the settlement would strengthen investor confidence and stabilize the financial sector. Officials described the transaction as the second coupon payment without any in-kind component and presented it as evidence of gradual fiscal improvement.

The government launched the DDEP in December 2022 after public finances deteriorated sharply. High inflation, a steep depreciation of the cedi, and the loss of access to international capital markets intensified the crisis.

Authorities restructured nearly 137 billion cedis of domestic public debt securities in response to the solvency shock. The government exchanged old bonds for new instruments carrying lower interest rates and longer maturities.

Although the operation temporarily reduced the domestic debt burden, the restructuring strained liquidity and weakened the financial positions of banks, asset managers, and pension funds that held significant volumes of government securities.

Ghanaian authorities said they would continue fiscal consolidation efforts and strengthen liquidity buffers. The government also said it would improve macroeconomic conditions to reduce inflation and interest rates.

Moreover, Accra plans to return to the domestic debt market this year. The authorities aim to normalize relations with investors gradually after several years of financial turbulence.

Fiacre E. Kakpo