Key Points
- Afenyo-Markin apologized for the financial losses caused by the Domestic Debt Exchange Programme but defended its necessity.
- He accused the Mahama administration of hypocrisy for benefiting from painful reforms without acknowledging the previous government’s efforts.
- The debt exchange, designed to stabilize Ghana’s economy, has left pensioners and investors grappling with significant financial “haircuts.”
Alexander Afenyo-Markin, the minority leader of Ghana, has publicly apologized for the financial pain caused by the Domestic Debt Exchange Programme (DDEP). This controversial program was put in place by the previous Akufo-Addo administration and caused pensioners to lose a lot of money and left them feeling hopeless.
During the 2025 Mid-Year Budget Review debate in Parliament on Thursday, Afenyo-Markin talked about how the debt restructuring hurt common Ghanaians. He said, “We are sorry to Ghanaians.” “The choice to go through with the Debt Exchange was a hard one.”
Debt Exchange Pain Was Necessary, Says Afenyo-Markin
The New Patriotic Party (NPP) started the DDEP in the middle of a major financial crisis as part of their aim to keep Ghana’s debt from rising too quickly. Critics say that the program’s changes to domestic bonds caused big “haircuts” on investments, which harmed small investors and seniors the most.
Afenyo-Markin, on the other hand, said that the strategy was an intervention that was both harsh and needed. He mentioned the Energy Sector Levy Act and the Economic Responsibility Law, which imposed a 5% GDP limit on Ghana’s budget deficit, as examples of economic measures spearheaded by the NPP.
“This is what a responsible government does,” he said. “We are proud of these choices.” “We take responsibility and apologize to Ghanaians once more.”
Minority Leader Accuses Mahama of Political Hypocrisy
But the apology quickly morphed into a political attack on President John Mahama’s government. Afenyo-Markin said that the current government was being disingenuous by not recognizing the foundation that the last NPP-led government set up.
“You’re taking advantage of this hard choice without recognizing what we’ve done. “Who is the hypocrite here?” he said. The NPP fixed a big problem. What have your administration done since then? Nothing.
He further accused Mahama’s team of having “double standards” by using a clean financial environment while criticizing the steps that made it possible.
Pensioners Still Reeling as Debt Restructuring Fallout Lingers
The DDEP is still a contentious topic in Ghanaian politics, and many people, especially the elderly, are still suffering with its effects. The bond “haircuts” caused many seniors to lose money, which led to protests and public outrage.
Afenyo-Markin’s comments are a rare admission of guilt from the opposition, even if he tried to shift some of the blame to the present administration for not building on the NPP’s reforms.
As Parliament talks about the 2025 Mid-Year Budget, the DDEP’s legacy still hangs over Ghana’s economic story. People are calling for more accountability and a plan to fix the damage done to trust in the financial system.
