The Minority in Parliament has issued a formal apology to Ghanaians for the impact of the Domestic Debt Exchange Programme (DDEP), which was implemented under the Akufo-Addo administration and led to widespread financial losses, particularly among pensioners.
The DDEP was part of the government’s economic recovery plan to address a severe fiscal crisis and aimed at restoring debt sustainability through the restructuring of domestic bonds. However, it drew widespread criticism due to the so-called “haircuts” on investments.
Addressing Parliament during the 2025 Mid-Year Budget Review on Thursday, July 31, Minority Leader Alexander Afenyo-Markin acknowledged the hardship caused by the programme and took responsibility on behalf of the New Patriotic Party (NPP).
“We take responsibility, and we say sorry to Ghanaians. We had to make a painful decision to implement the DDEP,” he stated.
Despite the apology, Mr. Afenyo-Markin defended the rationale behind the programme, arguing that the NPP government had taken tough but necessary steps to stabilise the economy. He cited measures such as the Energy Sector Levy Act, the Fiscal Responsibility Law, and the debt restructuring initiative as evidence of responsible governance.
“These are actions of a responsible government, not reckless ones,” he asserted.
He also criticised the current Mahama-led administration for what he described as political hypocrisy and failure to acknowledge the foundation laid by the previous government.
“You’re benefiting from the difficult reforms we undertook, yet you refuse to give credit. Who, then, is being hypocritical?” he questioned.
“The NPP cleaned up a grave situation. What has the current administration added? Nothing,” he added.
