Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has reassured industry leaders in the banking sector that the government has built sufficient financial buffers to meet all obligations under the Domestic Debt Exchange Programme (DDEP) this year. This assurance was given at a high-level meeting with over 22 Managing Directors of banks, where the Minister reaffirmed the government’s commitment to fiscal responsibility and restoring confidence in the financial sector ¹.
Dr. Ato Forson emphasized that the government has no intention of defaulting on its DDEP obligations, stating, “We do not intend to default.” He also noted that all outstanding holdouts have been paid, and necessary buffers have been put in place to ensure that every single DDEP obligation for this year will be met.
In addition to ensuring timely DDEP payments, the government is taking deliberate steps to reduce its reliance on the Treasury bill market. This move aims to stabilize interest rates and ease liquidity pressures on the banking sector. The Minister attributed these actions to a broader strategy to ensure economic resilience and prevent a repeat of the financial instability experienced in 2022.
Dr. Ato Forson further assured the banking executives that the government has learned from past experiences and is committed to working with the banking sector to ensure a stable and prosperous economy.
Ruth Abla ADJORLOLO
