The Chairperson of the Public Accounts Committee (PAC) of Parliament and former Deputy Finance Minister, Abena Osei-Asare, has defended the Akufo-Addo government’s Domestic Debt Exchange Programme (DDEP), describing it as a difficult but necessary measure to stabilise the economy.
Speaking on Channel One TV’s The Point of View on Monday, November 10, Mrs. Osei-Asare acknowledged that the debt restructuring exercise was one of the most challenging policy decisions taken by the government, but insisted it was crucial for restoring economic stability.
She explained that the government took deliberate steps to protect certain groups, particularly pension funds and others who could not participate in the programme.
“The debt restructuring was one of the most painful but necessary exercises that we needed to take as a country,” she said.
“And even with that, the government made sure they secured pension funds and others who, for some reason, could not sign onto the DDEP. The government entered into an arrangement with them, but the money didn’t come in as and when we all agreed. But eventually they were paid,” she added.
Mrs. Osei Asare further clarified that investors did not lose their principal under the DDEP, though interest payments were affected.
“Nobody lost money on their principal; it was the interests,” she clarified.
The DDEP, introduced in 2022, was part of government efforts to restructure Ghana’s unsustainable debt and qualify for support under the International Monetary Fund (IMF) programme.
The Akufo-Addo administration has continued to receive criticism over the programme which some say brought hardship on Ghanaians.
However former President Akufo-Addo who has since described the policy as “a dark moment of my presidency” has maintained that the DDEP was a necessary action.