Finance Minister Dr. Cassiel Ato Forson has squarely placed responsibility for the economic fallout of the Domestic Debt Exchange Programme (DDEP) on the previous Akufo-Addo administration, accusing it of gross mismanagement of public finances.
Delivering the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson described the DDEP as a necessary but painful intervention, prompted by what he termed the fiscal recklessness of the former government.
“The 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 emphasized that the DDEP was not merely a technical economic measure, but a crisis that deeply affected the lives of ordinary Ghanaians, especially those who had placed their trust in government-backed securities.
He noted that many bondholders, including retirees, suffered significant losses, severely eroding public confidence in the financial system.
Despite the widespread impact, Dr. Forson reaffirmed the government’s commitment to restoring fiscal discipline and rebuilding trust in the country’s financial instruments. He assured Parliament that lessons had been learned and pledged that efforts are underway to ensure such disruptions are not repeated.
He concluded by calling for bipartisan cooperation to implement necessary reforms aimed at achieving long-term economic stability and inclusive growth.
