The Ghanaian government has officially ruled out any compensation for bondholders who experienced financial losses during the Domestic Debt Exchange Programme (DDEP). Dr. Cassiel Ato Baah Forson, the Finance Minister, made this clear on May 17, 2026, confirming the government’s position.
This decision means investors will not get back the money lost when their bonds were restructured. The DDEP, completed in 2023, exchanged GHS 137 billion in domestic bonds, involving over 95% participation from various holders. The Minister acknowledged the DDEP was difficult for investors but stated there were no agreements for reimbursement.
Ghana’s public debt reached $63 billion, or about 88% of its Gross Domestic Product (GDP), by the end of 2022. The DDEP was a key part of Ghana’s strategy to secure financial assistance from the International Monetary Fund (IMF). The debt restructuring aimed to make the national debt more manageable.
Dr. Forson, speaking at a press briefing in Accra on Friday, highlighted the traumatic economic crisis of 2022. He stated there was no legal or contractual basis for the state to reimburse investors who faced “haircuts” (reductions in value) during the debt restructuring. He added that he was not aware of any clause in agreements with bondholders that would create such a liability for the state.
Following these reforms, public debt decreased to 56.6% of GDP by the end of 2024. The country also achieved a primary surplus of 1.7% and rebuilt reserves to $6.7 billion. Inflation significantly dropped to 3.4% in April 2026 from a peak of 54.1% during the crisis. These improvements were part of Ghana’s Extended Credit Facility (ECF) program with the IMF.
The government plans to use the fiscal space created by these reforms to support economic growth and create jobs. A new flagship programme, called “the new economy,” will soon be introduced. This programme will target sectors with high potential for employment and will receive three years of technical assistance from the IMF.
Ruben Atoyan, the IMF Mission Chief for Ghana, confirmed the debt restructuring was essential for Ghana's economic stability. He noted it created fiscal space for growth, pointing to the sharp reduction in public debt. Going forward, the IMF’s new Policy Coordination Instrument will focus on protecting against unexpected financial obligations and risks from state-owned enterprises.
The Ghanaian government emphasizes its resolve to maintain financial discipline. This commitment aims to ensure sustained economic recovery and benefit the wider population. The focus is now firmly on future growth rather than past losses.