Finance Minister Dr. Cassiel Ato Forson has attributed the economic hardship caused by the Domestic Debt Exchange Programme (DDEP) to what he described as gross mismanagement of public finances by the previous Akufo-Addo administration.
Presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson said the decision to restructure the country’s domestic debt — which resulted in significant losses for bondholders — was necessitated by fiscal recklessness under the former government.
“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme, which denied pensioners and the middle class their lifetime savings, livelihoods, and dignity,” he stated.
The Finance Minister highlighted the emotional and financial toll of the programme, noting that it went beyond economics to become a painful experience for many Ghanaians.
He said the DDEP shattered the trust of ordinary citizens who had invested in government bonds with expectations of financial security.
Despite the setbacks, Dr. Forson assured the House that the current administration is committed to restoring fiscal discipline, rebuilding investor confidence, and preventing a recurrence of such disruptions.
He also called for bipartisan cooperation to advance critical reforms aimed at securing long-term economic stability and inclusive growth.
Source: AdomOnline
READ ALSO:
