Finance Minister Dr. Mohammed Amin Adam has apologized to Ghanaians for the economic hardships caused by the Domestic Debt Exchange Programme (DDEP).
In a town hall meeting in Accra on Tuesday, August 6, Dr Amin Adam explained that debt restructuring was a prerequisite for Ghana’s agreement with the International Monetary Fund (IMF).
He assured the government did not intend to inflict hardship on the populace.
“We decided to restructure our debts because it was one of the IMF’s requirements,” Dr. Amin Adam said.
“The Domestic Debt Exchange Programme was successful, achieving 95 percent participation. On this note, I appeal to the people of this country to forgive us.”
Dr. Amin Adam emphasized that the decision, though difficult, was necessary to stabilize the economy. He acknowledged that avoiding the DDEP could have led to more severe financial disorder and worsened the economic crisis.
“It was a necessary and important decision at the time. If we had avoided it, our development and economy would not be where it is today,” he stated.
“All the support you gave us during the DDEP has greatly contributed to the recovery we are seeing today.”
The Finance Ministry had previously defended the DDEP as crucial for protecting the economy and improving the government’s ability to service public debt.
The programme initially aimed to exchange GH¢137.3 billion in Government of Ghana bonds but was later revised to GH¢109.84 billion.
Ultimately, GH¢87 billion worth of bonds were voluntarily exchanged, marking the programme successful.
Dr Amin Adam thanked the public for their sacrifices and participation and appealed for continued support as the government works toward economic recovery.
