The Minister for Finance, Dr. Cassiel Ato Forson, has assured the banking sector that the government has built sufficient financial buffers to meet all obligations under the Domestic Debt Exchange Programme (DDEP) for the year.
He emphasized the government’s commitment to fiscal responsibility and restoring confidence in the financial sector.
In a statement on social media on Friday, March 21, Dr. Forson disclosed that he had engaged with over 22 Managing Directors of banks at a high-level meeting to reaffirm the government’s commitment to honoring all DDEP obligations.
“We do not intend to default,” he declared. “All outstanding holdouts have been paid, and we have put in place the necessary buffers to ensure that every single DDEP obligation for this year will be met.”
Beyond ensuring timely payments, Dr. Forson noted that the government was also working to reduce its dependence on the Treasury bill market.
He highlighted efforts to improve coordination between fiscal and monetary policies to stabilize interest rates and ease liquidity pressures on the banking sector.
“These actions are part of a broader strategy to ensure economic resilience and prevent a repeat of the financial instability of 2022,” he explained.
The Finance Minister further reassured banking executives that the government had learned from past financial challenges and would act prudently moving forward.
“We have learned from the past. We are not going to be reckless,” he stated. “We have built the necessary buffers to meet our obligations, and we will work with you to ensure a stable and prosperous economy.”
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