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). She described it as a difficult but necessary measure to stabilise the economy. During her appearance 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 made by the government.
However, she emphasised that it was essential for restoring economic stability. She also 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 yet necessary actions we had to take as a country,” she stated.
She added, “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.”
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.
Source: Leticia Osei
