The Minority in Parliament has apologised to Ghanaians for the implementation of the Domestic Debt Exchange Programme (DDEP) under the Akufo-Addo administration, which left many, especially pensioners, suffering significant financial losses due to haircuts on their investments.
The DDEP was introduced as part of the government’s economic recovery strategy in response to a severe fiscal crisis. It aimed to restore debt sustainability by restructuring domestic bonds.
Speaking on the floor of Parliament during the 2025 Mid-Year Budget Review on Thursday, July 31, Minority Leader Alexander Afenyo-Markin acknowledged the pain caused by the programme and accepted responsibility for the decision.
Mr. Afenyo-Markin further criticised the Mahama-led government for failing to acknowledge the foundation laid by the previous administration and accused the current leadership of political hypocrisy and double standards.
“The NPP devised solutions: the Energy Sector Levy Act to systematically pay down energy liability, Fiscal Responsibility Law, capping deficit at 5% of GDP and the Debt Exchange to restore sustainability.
“These are actions of a responsible government, and we are proud that we took these decisions, not reckless ones. Again, we take responsibility, we say sorry to Ghanaians, we had to take a painful decision [DDEP] to implement this,” he said.
He defended the New Patriotic Party’s legacy, stating that the previous administration stabilised a “grave situation,” and that the current government is benefitting from that groundwork without making new contributions of its own.
“You’re taking advantage of this painful decision without giving credit to us. Who is a hypocrite in this matter? You are the one found wanting, and indeed, you are the political naysayers; you engage in double standards and engage in political hypocrisy.
“The NPP cleaned up a grave situation, and now the new administration touts the clean-up floor as if it were their own accomplishment. What have you put in place? None,” he criticised.
