On Tuesday, August 29, 2023, the Ghanaian Ministry of Finance announced an agreement with domestic bondholders on a new domestic debt exchange program worth a total of approximately $4 billion.

The new domestic debt restructuring program will make it possible to unlock new financing as part of the $3 billion aid package, approved by the IMF last May. According to the Ghanaian Ministry of Finance, pension funds have agreed to exchange 29.6 billion cedis ($2.6 billion) of existing bonds, with an average coupon of 18.5%, for new debt securities maturing in 2027 and 2028 and offering an average coupon of

After the threat of a strike by unions who feared losses related to the operation, pension funds were excluded from the first domestic debt exchange (DDEP) program closed last February.