Finance Minister Dr. Mohammed Amin Adam has apologized to Ghanaians for the difficulties caused by the Domestic Debt Exchange Programme (DDEP).
He explained that the programme was necessary to meet conditions set by the International Monetary Fund (IMF).
Speaking at a town hall meeting in Accra on August 6, Dr. Adam said, “We had to restructure our debts because it was a requirement by the IMF.
The Domestic Debt Exchange Programme was successful, with 95 percent participation. I ask for the people’s forgiveness.”
He stressed that the government did not intend to cause hardship and highlighted that the NPP government aims to reduce the burden on Ghanaians.
The Finance Ministry earlier stated that the DDEP was essential to protect the economy and improve the ability to manage public debt.
Without it, the national debt servicing would have been severely disrupted, worsening the economic crisis.
Initially, the programme aimed to exchange GH₵137.3 billion worth of government bonds for new ones, later revised to GH₵109.84 billion.
The government achieved a voluntary exchange of GH₵87 billion, which was considered a success.
