Finance Minister Dr. Cassiel Ato Forson has strongly criticized the previous Akufo-Addo administration for what he described as gross fiscal mismanagement, blaming it for the economic pain caused by Ghana’s Domestic Debt Exchange Programme (DDEP).
Presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24, Dr. Forson did not mince words, saying the DDEP—implemented as part of the country’s debt restructuring efforts—was a painful but necessary step caused by the recklessness of the former government.
“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme (DDEP), which denied pensioners and the middle class their lifetime savings, livelihoods and dignity,” Dr. Forson told lawmakers.
He lamented that many Ghanaians who had placed their trust in government-issued bonds saw their investments slashed, with little to no returns. According to the Minister, this betrayal severely eroded public confidence in the country’s financial system and left lasting scars on households and retirees.
The Finance Minister emphasized that the impact of the DDEP went beyond numbers, describing it as a human tragedy that affected the financial well-being and mental health of ordinary citizens. “This was not just an economic correction—it was a deeply painful experience for many,” he said.
Despite the gravity of the situation, Dr. Forson assured Parliament that the current administration remains committed to rebuilding fiscal discipline and restoring confidence in government securities. He pointed to ongoing reforms and tighter financial controls aimed at preventing a repeat of such a crisis.
“We must never allow this to happen again,” he said. “The lessons are painful but clear.”
He called for bipartisan support to pass key financial reform measures and steer the country toward long-term stability, economic inclusiveness, and sustained recovery.
