Finance Minister Dr Cassiel Ato Forson has attributed the economic hardship caused by the Domestic Debt Exchange Programme (DDEP) to what he described as the gross mismanagement of public finances under the former Akufo-Addo administration.

He made the remarks while presenting the 2025 Mid-Year Budget Review to Parliament on Thursday, 24 July.

Dr Forson stated that the decision to restructure Ghana’s domestic debt, which resulted in severe losses for many bondholders, became necessary due to the fiscal recklessness of the previous 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,” he told the House.

The Finance Minister highlighted the human impact of the DDEP, stressing that it was not just an economic policy, but a painful episode that caused immense distress to ordinary Ghanaians.

He explained that many individuals who had trusted the government with their investments were left with little to no returns, undermining public confidence in the financial system.

Despite the challenges, Dr Forson assured Parliament that the current administration is committed to restoring fiscal discipline, rebuilding trust in government securities, and ensuring that similar disruptions do not recur.

He called for bipartisan support to implement necessary reforms and steer the country toward long-term stability and inclusive economic recovery.