The Minority in Parliament has issued a rare public apology to citizens for the economic fallout from the controversial Domestic Debt Exchange Programme (DDEP), acknowledging the hardship it imposed on investors—particularly pensioners—through significant losses on bond holdings.
Speaking during the 2025 Mid-Year Budget Review session on Thursday, July 31,Minority Leader Alexander Afenyo-Markin defended the broader intent of the DDEP but admitted that its implementation inflicted financial pain.
“We take responsibility. We say sorry to Ghanaians. We had to take a painful decision to implement the DDEP,” Mr. Afenyo-Markin said on the floor of Parliament.
Introduced under the administration of President Nana Akufo-Addo as a condition for securing an International Monetary Fund (IMF) support package, the DDEP sought to restructure Ghana’s domestic debt by offering new bonds with reduced coupon rates and longer maturities. While it was framed as a necessary step toward restoring debt sustainability, the program triggered a sharp public backlash due to so-called “haircuts” on bond values.
The apology represents a shift in tone from the New Patriotic Party (NPP), which had long defended the DDEP as a pragmatic, if unpopular, response to the country’s fiscal crisis.
Despite the apology, Mr. Afenyo-Markin also used his remarks to criticize the current administration, led by President John Mahama, for allegedly reaping the benefits of the previous government’s reforms without acknowledging their origin.
“The NPP cleaned up a grave situation,” he said. “Now the new administration touts the clean-up floor as if it were their own accomplishment.”
He pointed to key policy interventions under the NPP—including the Energy Sector Levy Act, the Fiscal Responsibility Law, and the DDEP—as evidence of the party’s commitment to economic stabilization, arguing that these moves laid the foundation for Ghana’s current recovery.
“You’re taking advantage of this painful decision without giving credit to us,” he said, accusing the Mahama-led government of political hypocrisy and double standards.
