Former Finance Minister Dr Mohammed Amin Adam has warned that Ghana faces a significant debt repayment challenge in 2027 and 2028, when about GH¢111 billion in principal payments under the Domestic Debt Exchange Programme (DDEP) will fall due.
According to his analysis, the Finance Minister’s 2026 Mid-Year Review projected DDEP repayments of GH¢58 billion in 2027 and GH¢53 billion in 2028.
This compares with a Sinking Fund balance of GH¢15.6 billion as of July 22, 2026, although the government had projected that the balance would reach GH¢30 billion by the end of the year.
Dr Amin Adam said the restructuring had provided important relief by reducing immediate debt-service pressures and extending repayment periods, but cautioned that these benefits should not be mistaken for the elimination of the country’s obligations.
“Cash-flow relief is not debt extinction,” he stated in the analysis, stressing that most of the restructured principal remained a government obligation.
He added that maturity extensions merely postponed refinancing needs, while future coupon increases and repayments could renew pressure on public finances.
Dr Amin called for the government to disclose a clear, market-based strategy for managing the upcoming maturities, including details of planned bond switches, buybacks and other liability-management operations.
He said the Sinking Fund’s balance, investments and returns should be reported monthly to establish whether prefunding was reducing risk or adding to borrowing costs.
