Finance Minister, Dr. Mohammed Amin Adam has rendered a heartfelt apology to Ghanaians for the significant hardships caused by the Domestic Debt Exchange Programme (DDEP).
He made these remarks while speaking at a Town hall meeting in Accra on Tuesday.
The Karaga lawmaker clarified that the DDEP was a critical requirement imposed by the International Monetary Fund (IMF) as part of Ghana's broader economic recovery plan.
"We decided to restructure our debts because it was one of the requirements by the IMF," Dr. Amin Adam explained.
"We started with the domestic debt exchange programme, which was very successful, achieving 95 percent participation. On this note, I would like to appeal to the people of this country to forgive us."
With a tone filled with remorse, he stressed, "It is never the intention of any government to impose hardships on its people, more so the NPP government that has demonstrated that we want to reduce the burden of the Ghanaian people."
He acknowledged the strain placed on citizens, emphasizing that the decision was made with the nation’s long-term economic stability in mind.
"It was a necessary, important decision at the time," he continued.
"If we had avoided it, our development or economy would not be what it is today. All the support you gave us during the DDEP has contributed largely to the recovery our economy is seeing today."
In a gesture of gratitude and reconciliation, Dr. Amin Adam expressed deep appreciation for the sacrifices made by Ghanaians.
"This is why I want to appeal to you to forgive us but also to thank you on behalf of the president for the sacrifices, for the efforts that you all have made to participate in the DDEP."
The Finance Ministry had previously outlined that the DDEP was essential to protect the economy and enhance Ghana's capacity to service its public debts effectively.
Without it, the nation faced the risk of severe disorder in debt servicing and a worsening economic crisis.
Initially aimed at exchanging GH¢137.3 billion worth of Government of Ghana bonds, the programme was later revised to GH¢109.84 billion, with GH¢87 billion being voluntarily exchanged.
The successful execution of this programme was deemed pivotal in stabilizing the country's economy.
Dr. Amin Adam’s apology serves as a poignant reminder of the tough decisions governments sometimes must make for the greater good, while also highlighting the resilience and solidarity of the Ghanaian people in times of economic challenge.
Story by: Joshua Kwabena Smith
Comments