Former Minister of Finance, Dr. Mohammed Amin Adam, has clarified that since the restructuring of the Domestic Debts Exchange Programme, the New Patriotic Party’s government has never defaulted on coupons.
According to him, buffers were built in the Debt Reserves Accounts to support upcoming debt service obligations such as the 4th coupon payments, which the President, John Dramani Mahama instructed the Finance Minister, Dr. Cassiel Ato Forson to pay.
Dr Amin Adam further explained that the NPP government had paid a total of GHS17.25 billion in Payment-In-Cash (PIC) and GHS9.77 billion in Payment-In-Kind (PIK) to bondholders.
According to him, individual bondholders who did not tender their bonds were paid coupons amounting to GHS515.17 million at various times between 2023 and 2024, in line with the MoU signed between the Government and the Coalition of Individual Bondholders.
Posting on his official Facebook Page on Monday, February 17, 2025, Dr Amin Adam wrote, “Since the restructuring of the Domestic Debts, the previous NPP government has not defaulted in coupons. Buffers were also built in the Debt Reserves Accounts to support upcoming debt service obligations such as the 4th coupon payments.”
Dr, Amin Adam was reacting to a statement released by the President’s spokesperson and Minister of State in charge of Government Communications, Felix Kwakye Ofosu where the minister revealed that the payment of the 4th coupon to bondholders demonstrated the government’s commitment to meeting financial obligations and restoring confidence in the economy.
However, the former minister emphasized that the arrangement had been put in place by the former President, Nana Addo Danquah Akufo-Addo, and Dr. Mahamudu Bawumia.
