The Minority in Parliament has issued a rare public apology to Ghanaians for the economic hardship caused by the Domestic Debt Exchange Programme (DDEP), acknowledging the severe financial impact on investors, particularly pensioners.
Speaking during the 2025 Mid-Year Budget Review debate on Thursday, July 31, Minority Leader Alexander Kwamina Afenyo-Markin admitted that the decision to implement the DDEP under the Akufo-Addo administration came with painful consequences, but was necessary to stabilize a distressed economy.
“We take responsibility. We say sorry to Ghanaians. We had to take a painful decision to implement this [DDEP],” Afenyo-Markin told Parliament.
The DDEP was launched in late 2022 as part of Ghana’s debt restructuring efforts under an IMF-supported programme. It aimed to restore macroeconomic stability and debt sustainability by exchanging domestic bonds on significantly reduced terms, a move that triggered widespread public backlash, particularly among pensioners and individual bondholders.
Defending Policy Amid Political Criticism
While acknowledging the hardship, Afenyo-Markin was quick to defend the New Patriotic Party’s (NPP) broader economic strategy, citing the programme as part of a suite of reforms aimed at long-term fiscal recovery.
“The NPP devised solutions: the Energy Sector Levy Act to systematically pay down energy liability, the Fiscal Responsibility Law, capping the deficit at 5% of GDP, and the Debt Exchange to restore sustainability,” he said. “These are actions of a responsible government.”
He accused the current John Dramani Mahama-led government of political hypocrisy for benefiting from the fiscal space created by these reforms without acknowledging the sacrifices made by the previous administration.
“You’re taking advantage of this painful decision without giving credit to us. Who is a hypocrite in this matter? You are the one found wanting,” Afenyo-Markin said, directing his comments at the Majority.
The DDEP is regarded as one of the most controversial economic decisions in recent history, slashing interest payments and extending bond maturities. While it helped unlock IMF support, the programme dealt a blow to investor confidence and the livelihoods of fixed-income earners.
As the economy slowly regains stability, the debate over who deserves credit or blame for Ghana’s fiscal trajectory is likely to intensify ahead of the 2028 general elections.
