The Chairperson of the Public Accounts Committee (PAC) of Parliament and former Deputy Finance Minister, Abena Osei Asare, has defended the Akufo-Addo government’s Domestic Debt Exchange Programme (DDEP), describing it as a difficult but necessary measure to stabilise the economy.
Speaking on Channel One TV’s The Point of View on Monday, November 10, Mrs. Osei Asare acknowledged that the debt restructuring exercise was one of the most challenging policy decisions taken by the government, but said it was crucial for restoring economic stability.
She explained that the government took deliberate steps to protect certain groups, particularly pension funds and others who could not participate in the programme.
“The debt restructuring was one of the most painful but necessary exercises that we needed to take as a country.
She added, “And even with that, the government made sure they secured pension funds and others who, for some reason, could not sign onto the DDEP. The government entered into an arrangement with them, but the money didn’t come in as and when we all agreed. But eventually they were paid.”
Mrs. Osei Asare further clarified that investors did not lose their principal under the DDEP, though interest payments were affected.
“Nobody lost money on their principal; it was the interests,” she clarified.
The DDEP, introduced in 2022, was part of government efforts to restructure Ghana’s unsustainable debt and qualify for support under the International Monetary Fund (IMF) programme.
I’m qualified to chair Public Accounts Committee – Abena Osei Asare
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