The Minister of Finance, Dr. Cassiel Ato Baah Forson, has criticised the previous Akufo-Addo administration for stewarding a Domestic Debt Exchange Programme (DDEP) programme bringing economic hardship on Ghanaians.
According to him, the gross mismanagement of public finances by the previous government is what led to the infamous DDEP plunging majority of citizens into hardship.
Addressing Parliament Thursday, July 24, while presenting the 2025 Mid-Year Budget Review to Parliament Dr. Forson said the previous government’s fiscal recklessness is what necessitated the restructuring of the Ghana’s domestic debt, leading to the severe losses for many bondholders.
He said the “mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme (DDEP), which denied pensioners and the middle class their lifetime savings, livelihoods and dignity.”
The Finance Minister highlighted the human impact of the DDEP, stressing that it was not just an economic policy, but a painful episode that caused immense distress to ordinary Ghanaians.
He explained that many individuals who had trusted the government with their investments were left with little to no returns, undermining public confidence in the financial system.
Despite the challenges, Dr Forson assured Parliament that the current administration is committed to restoring fiscal discipline, rebuilding trust in government securities, and ensuring that similar disruptions do not recur.
He called for bipartisan support to implement necessary reforms and steer the country toward long-term stability and inclusive economic recovery.
Ghana’s energy sector was bleeding when we took over with annual shortfalls over $1.5bn – Ato Forson
