… Under the Domestic Debt Exchange Program (DDEP), non-marketable securities with a nominal value of GH¢67 billion were restructured. …
Remagine Ghana with H. Aku Kwapong, PhD: The Mechanics of Money Printing: From theory to the Bank of Ghana’s GH¢96bn deficitGhana Minute.
Wednesday, 20 May 2026
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Ghanaian press · Event
Domestic Debt Exchange Program
Also known as: DDEP · Domestic Debt Exchange Programme
In coverage
Verbatim sentences from the source article.
- May 2026
… The bank said the Domestic Debt Exchange Programme reduced returns on government securities, leading to a sharp drop in interest income. …
We remain committed to maintaining fiscal discipline to fast track BoG’s recovery – Seth Terkper… The Bank’s balance sheet absorbed major shocks linked to the Domestic Debt Exchange Programme (DDEP), exchange-rate pressures, and emergency stabilisation measures. …
The Cost of Stabilising Ghana: Why the Bank of Ghana’s 2025 losses may be the price of macroeconomic recovery… The report traces the origins of the crisis to the 2022 Domestic Debt Exchange Programme (DDEP), introduced during Ghana’s economic restructuring efforts under the previous Nana Akufo-Addo administration. …
CERPA links BoG losses to debt impairments, Gold-for-Oil programme… The rise in OMO liabilities is closely tied to legacy effects of the Domestic Debt Exchange Programme (DDEP), which impaired the Bank’s balance sheet through a GH¢35.67billion haircut on government securities. …
Is BoG paying a rising price to neutralise liquidity: As sterilisation tops cost in 2025… However, the financial policies to contain the impact of COVID-19 and the Domestic Debt Exchange Programme were announced by the Governor and the MPC. …
BoG has no separate financial stability committee to check system risks – IMF… During the Domestic Debt Exchange Programme (DDEP), the BoG was forced to swallow a 50% haircut on roughly GH¢67 billion of government securities. …
The price of stability : Why Bank of Ghana is breaking its balance sheet to save your bread… Afful said, adding “Yes, the Bank recorded valuation losses on its foreign assets, but those same movements saved companies from massive exchange losses that would have pushed them into insolvency.” Mr Afful further argued that the Domestic Debt Exchange Programme (DDEP), while r …
BoG Loss Saved Businesses From Collapse –Majority… The Bank of Ghana disclosed that its negative equity worsened to GH¢93billion in 2025, attributing this mainly to the Domestic Debt Exchange Programme and monetary policy operations during 2024 and 2025. …
Editorial: Bank of Ghana answers critics… The primary driver of this balance sheet weakness is Ghana’s Domestic Debt Exchange Programme, which imposed significant losses on government securities held by the Bank. …
Bank of Ghana in 2025: Financially impaired but operationally resilient
Opinion
OMO stock tripled to GH¢93.56 billion, creating fiscal pressures
The News
Ghana's central bank's open market operations stock reached GH¢93.56 billion in 2025, nearly tripling within a year through aggressive sterilisation to anchor inflation and stabilise the currency. While these measures delivered disinflation and improved external balances, they have created mounting quasi-fiscal costs expected to weigh on the Bank's finances through 2026 and 2027, compounded by legacy effects of the Domestic Debt Exchange Programme.
Why it matters
Central bank's OMO stock tripled to GH¢93.56 billion, creating fiscal pressures that signal mounting quasi-fiscal costs threatening economic stability.
18 May 2026 · Business & Financial Times →
Monday 18 May
OMO stock tripled to GH¢93.56 billion, creating fiscal pressures
Ghana's central bank's open market operations stock reached GH¢93.56 billion in 2025, nearly tripling within a year through aggressive sterilisation to anchor inflation and stabilise the currency. While these measures delivered disinflation and improved external balances, they have created mounting quasi-fiscal costs expected to weigh on the Bank's finances through 2026 and 2027, compounded by legacy effects of the Domestic Debt Exchange Programme.
18 May 2026 · Business & Financial Times →
Government rules out compensation for DDEP bondholders
Finance Minister Cassiel Ato Baah Forson has said the government will not compensate bondholders who incurred losses under the Domestic Debt Exchange Programme, noting there are no reimbursement agreements and citing the relief the restructuring gave the country. The DDEP restructured about GHS137bn in domestic bonds, helping reduce public debt to 56.6 per cent of GDP by the end of 2024.
18 May 2026 · Joy Online →
Saturday 16 May
Ghana's delayed IMF programme approach became nation's most costly
Professor Godfred Bokpin argued that Ghana's previous government delayed seeking IMF support until economic conditions had severely deteriorated, resulting in one of the most expensive IMF programmes in the country's history. He said earlier intervention could have avoided domestic debt restructuring and other severe measures, noting Kenya took similar action sooner under comparable circumstances.
16 May 2026 · Joy Online →
Thursday 14 May
GH¢15bn intervention sparked growth where GH¢60bn losses didn't
Ghana's economy is showing recovery after the Central Bank deployed GH¢15 billion in monetary and liquidity management interventions, creating a business-friendly environment where borrowing costs have fallen and private sector expansion has resumed—a contrast to the GH¢60 billion in losses absorbed during the earlier financial crisis, which failed to ease borrowing pressures on businesses.
14 May 2026 · Joy Online →
BoG's 2025 losses reflect stabilisation policies supporting macroeconomic recovery
A Bank of Ghana loss of GH¢15.6 billion in 2025 was largely driven by deliberate stabilisation policies—including open market operations, revaluation, and exchange-rate and gold reserve transactions—aimed at restoring economic confidence. The losses coincided with significant improvements in Ghana's macroeconomic indicators.
14 May 2026 · Business & Financial Times →
Three in four Ghanaians lack confidence in retirement savings
According to the 2025 Old Mutual Financial Wellness Monitor, 74 percent of working Ghanaians do not believe they have saved enough for retirement, up from 61 percent in 2024, despite growing awareness that saving for retirement is important. Only one in three respondents have actively started saving for retirement, with financial constraints and expectations of children's support cited as main barriers.
14 May 2026 · Business & Financial Times →
Wednesday 13 May
Bank of Ghana spent GH¢16.7bn on bank interest payments in 2025
The Bank of Ghana's 2025 audited financial statements show it spent GH¢16.73 billion in a single year paying interest to commercial banks on liquidity-absorption instruments—nearly double the 2024 amount and the central bank's single biggest structural cost burden.
13 May 2026 · Business & Financial Times →
Tuesday 12 May
Ghana's domestic debt exchange programme prevented economic collapse
Ghana's Domestic Debt Exchange Programme, launched in December 2022 as a response to severe economic crisis, focused on postponing debt servicing, reducing coupon payments, and extending maturities rather than outright principal haircuts for most bondholders. According to commentary, while politically unpopular, the programme may have prevented a deeper sovereign crisis.
12 May 2026 · Joy Online →
Monday 11 May
OMO costs weigh on Bank of Ghana finances through 2026-2027
The central bank's open market operations stock reached GH¢93.56 billion in 2025, nearly tripling within a year due to aggressive sterilisation efforts that have anchored inflation and stabilised the currency, but the liquidity mop-up has created mounting quasi-fiscal costs expected to burden the Bank's finances through 2026 and 2027. These costs are tied partly to the GH¢35.67 billion haircut from the Domestic Debt Exchange Programme, for which parliamentary approval remains pending.
11 May 2026 · Business & Financial Times →
Bank of Ghana reported GH¢15.6 billion loss in 2025
The Bank of Ghana reported a GH¢15.6 billion loss for 2025 alongside deepening negative equity, with observers questioning whether the central bank's stabilization efforts during Ghana's economic turbulence have left it financially weakened despite contributing to easing inflation, exchange rate stability, and improved investor confidence.
11 May 2026 · Joy Online →
Bank of Ghana's GH¢96.3bn negative equity explained through money creation mechanics
An analysis of the Bank of Ghana's 2025 financial results, focusing on how the institution's GH¢96.3bn negative equity accumulated as residue of money created for public purposes whose costs were never recovered, and explaining the mechanics of modern monetary system operations through central bank and commercial banking functions.
11 May 2026 · Business & Financial Times →
Friday 8 May
Government committed to fiscal discipline for Bank of Ghana recovery
Economic advisor Seth Terkper says the government remains committed to maintaining fiscal discipline to help fast-track the Bank of Ghana's recovery and ensure it can perform its functions as lender of last resort. The Bank of Ghana posted an operating loss of GH¢15.6 billion for 2025, up from GH¢9.4 billion in 2024, with negative equity rising from GH¢58.62 billion to GH¢93.82 billion.
8 May 2026 · Joy Online →
Bank of Ghana's 2025 losses driven by deliberate stabilisation policies
The Bank of Ghana reported a GH¢15.6 billion loss for 2025, principally from open market operations, revaluation, exchange-rate losses, and gold reserve transactions. According to the source, these losses were a deliberate consequence of stabilisation policies that contributed to macroeconomic recovery, as central banks prioritise economic stability over profit maximisation.
8 May 2026 · Joy Online →
Thursday 7 May
Bank of Ghana net loss surges to GH¢15.6 billion in 2025
The Centre for Economic Research and Policy Analysis links the Bank of Ghana's GH¢15.6 billion net loss in 2025—a 66 per cent increase from GH¢9.4 billion in 2024—to residual sovereign debt impairments and high monetary policy costs, tracing the crisis to the 2022 Domestic Debt Exchange Programme.
7 May 2026 · Joy Online →
Wednesday 6 May
Bank of Ghana's liquidity sterilisation costs surge as OMO stock triples
The Bank of Ghana's use of open market operations (OMO) to absorb excess liquidity has made sterilisation its largest expense, with OMO stock reaching GH¢93.56 billion in 2025—nearly tripling in a year. The central bank's aggressive sterilisation has helped anchor inflation and stabilise the currency, but has created mounting quasi-fiscal costs expected to persist through 2026 and 2027, compounded by the legacy effects of the Domestic Debt Exchange Programme.
6 May 2026 · Business & Financial Times →
IMF finds BoG lacks formal macroprudential policy strategy
An IMF technical report reveals the Bank of Ghana has no formal macroprudential policy strategy in place and no separate financial stability committee focused on systemic risks. Macroprudential policy decisions are embedded within the monetary policy process and handled only exceptionally by the Monetary Policy Committee.
6 May 2026 · Joy Online →
Bank of Ghana's GH¢15.6 billion loss reflects macroeconomic stabilization
The Bank of Ghana reported an operating loss of GH¢15.6 billion in its 2025 audited financial statements. The article argues this loss should not be judged by the same ledger rules as commercial entities, and traces its origins to the 2022 Domestic Debt Exchange Programme, which forced the central bank to absorb a 50% haircut on roughly GH¢67 billion of government securities.
6 May 2026 · Joy Online →
BoG losses prevented business collapse, Majority argues
The Majority Caucus in Parliament contends that the Bank of Ghana's financial losses in 2025, reported at GH¢15.6 billion, were necessary to prevent widespread business collapse and economic hardship, though the opposition disputes the actual loss figure.
6 May 2026 · The Chronicle →
Tuesday 5 May
Bank of Ghana defends position despite GH¢15.6bn loss
The Bank of Ghana has defended its financial position for 2025 after recording a GH¢15.6 billion operating loss and negative equity, insisting it remains capable of delivering on its core monetary policy mandate. The central bank rejected parliamentary minority caucus criticism that it faces "policy insolvency," asserting instead that it remains "policy solvent" with internal capacity to implement key monetary policy actions without emergency government support.
5 May 2026 · Business & Financial Times →
Bank of Ghana reports GH¢15.3 billion loss in 2025
The Bank of Ghana recorded a loss of GH¢15.3 billion in 2025, up from GH¢9.4 billion the previous year, largely due to policy-driven costs including GH¢16.7 billion in open market operations aimed at managing liquidity and inflation. Despite the financial deterioration, the central bank maintains operational stability in its role supporting the economy.
5 May 2026 · Business & Financial Times →
Ghana's cedi becomes world's best-performing currency
Ghana's economy has undergone a marked turnaround: the cedi is now the world's best-performing currency, inflation has fallen from nearly 24% to single digits, and reserves have reached record highs, though the recovery came at significant cost.
5 May 2026 · Joy Online →
Ghana's central bank loss reflects cost of economic stabilisation
Ghana's central bank reported a GH¢15.6 billion loss in 2025, but this reflects the financial cost of macroeconomic stabilisation rather than economic failure, following severe strain in late 2022 when inflation surged to 54.1 percent and the cedi depreciated sharply. The country ended 2024 with a fiscal deviation of 3.1 percent of GDP and over GH¢36 billion in overspending, posing risks to recovery efforts.
5 May 2026 · Business & Financial Times →
Ghana's cedi becomes world's best-performing currency amid recovery
Ghana's economy has recovered from crisis, with the cedi now the best-performing currency globally, inflation falling from nearly 24% to single digits, and foreign reserves reaching record highs. The turnaround follows a turbulent period marked by currency depreciation, high inflation, and debt stress.
5 May 2026 · Business & Financial Times →
Monday 4 May
Bank of Ghana defends solvency despite GH¢15.6bn operating loss
The Bank of Ghana has reported a GH¢15.6 billion operating loss and negative equity for 2025, but maintains it remains "policy solvent" and capable of implementing its monetary policy mandate without emergency government support, citing its ability to generate income from monetary policy operations.
4 May 2026 · Joy Online →
Bank of Ghana rejects Minority's criticism of 2025 audited accounts
The Bank of Ghana has rejected claims by the NPP Minority Caucus about its 2025 audited accounts, describing them as misleading and a misinterpretation of reserve management. The BoG stated that the GH¢9.6 billion gain from gold sales was legitimate and standard practice for central banks, and that removing this gain to construct a deficit was artificial and inconsistent with accounting frameworks.
4 May 2026 · Joy Online →
Majority defends BoG losses as stabilisation costs, not collapse
The Majority in Parliament has pushed back against the Minority's criticism of the Bank of Ghana's rising losses, arguing that the 2025 increase to GH¢15.63 billion from GH¢9.49 billion in 2024 reflects deliberate policy actions for monetary stabilisation—including exchange rate revaluation and liquidity management—rather than operational deterioration or institutional collapse.
4 May 2026 · Joy Online →
Ghana plans structured diaspora bonds backed by remittance securitisation
Ghana's policymakers are exploring securitised remittance flows and guarantees to attract diaspora bond investment, shifting overseas transfers from consumption toward long-term infrastructure and financial assets. Remittances reached US$7.8 billion in 2025, nearly four times annual FDI and roughly six percent of GDP.
4 May 2026 · Business & Financial Times →
Sunday 3 May
Bank of Ghana reports GH¢15.3 billion loss but remains operationally stable
The Bank of Ghana recorded a GH¢15.3 billion loss in 2025, up from GH¢9.4 billion in 2024, largely due to policy-driven costs including GH¢16.7 billion in open market operations aimed at managing inflation and liquidity. Despite deepening losses and negative equity, the central bank continues to function with operational stability, reflecting the unique role of central banking where losses differ from commercial bank deficits.
3 May 2026 · Joy Online →
Saturday 2 May
Bank of Ghana losses not significant, says Gold Board CEO
The CEO of the Ghana Gold Board downplayed concerns over the Bank of Ghana's 2025 losses of GH¢15.6 billion, saying they are not significant enough to warrant national alarm, while the opposition NPP described the losses as "a new low" and blamed policy missteps.
2 May 2026 · Joy Online →
Bank of Ghana reports GH¢15.3 billion loss in 2025
The Bank of Ghana recorded a GH¢15.3 billion loss in 2025, up from GH¢9.4 billion the previous year, driven largely by open market operations costs of GH¢16.7 billion aimed at managing liquidity and controlling inflation. Despite the deepening losses and negative equity position, the central bank remains operationally stable, with losses attributed to policy interventions rather than inefficiency.
2 May 2026 · Joy Online →