We need to give scholarships to the number of students the budget can support – Deputy Finance Minister-designate

Deputy Finance Minister nominee, Thomas Nyarko Ampem is calling for a review of how government scholarships are awarded especially for foreign programmes.

He makes the point that scholarships should be awarded to the number of students that the government’s budget can cater for.

This, he said would avoid the situation where Ghanaian students studying abroad on government scholarships are left stranded.

“We need to plan properly and give scholarships to the number our budget can support so students are not stranded,”  Thomas Ampem told the Appointments Committee of Parliament during his vetting on Monday, February 25.

In the area of the Domestic Debt Exchange Programme (DDEP), Mr Thomas Nyarko Ampem urged stakeholders to adopt a non-partisan approach in discussions regarding the bond payments.

Speaking during his vetting before the Appointments Committee of Parliament on Monday, February 24, 2025, the Asuogyaman legislator stressed the need to focus on the positive impact of the payments rather than politicising the issue.

“I think that we should rather concentrate on the good news that this sends to the market,” Ampem stated.

According to him, this move will boost investor confidence and stabilise Ghana’s financial sector.

Ampem further noted that the timely fulfillment of DDEP payments will enhance market trust in Ghana’s economic recovery efforts.

The government on February 17 successfully settled the 4th Domestic Debt Exchange Programme (DDEP) coupon, demonstrating its commitment to meeting financial obligations and restoring confidence in the economy.

In a statement released by Felix Kwakye Ofosu, Minister for Government Communications and Spokesperson to the President, it confirmed that the Ministry of Finance, following a directive from President John Dramani Mahama, has honoured the Payment-In-Cash (PIC) coupon of GHS6.081 billion to all DDEP bondholders.

Additionally, the government has settled the Payment-In-Kind (PIK) portion of GHS3.46 billion, which has been deposited into bondholders’ securities accounts in line with the DDEP Memorandum.

According to the statement, to ensure smooth settlement of future obligations, the government has also taken proactive steps by allocating GHS9.7 billion into the Debt Service Recovery Cedi Account (Sinking Fund) as a buffer for the 

5th DDEP coupon, which is set to mature in July and August 2025.

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