Abena Osei Asare, the Chairperson of the Public Accounts Committee (PAC) of Parliament and former Deputy Finance Minister, has said the Domestic Debt Exchange Programme (DDEP) was painful.
According to Abena Osei Asare, the DDEP, although difficult, was a necessary measure to stabilise the economy under the former Akufo-Addo government.
She highlighted that the debt restructuring exercise was the most challenging policy decision taken by the government at the time.
Speaking on Channel One TV’s The Point of View on Monday, November 10, stated, “The debt restructuring was one of the most painful but necessary exercises that we needed to take as a country.
“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.”
Abena Osei Asare further noted that under the debt restructuring exercise, no one lost money on their principal, but it was just the interest payments that were affected.
“Nobody lost money on their principal; it was the interests,” she added.
Meanwhile, former President Nana Addo Dankwa Akufo-Addo admitted that Ghana’s debt restructuring under his government shattered lives.
Akufo-Addo revealed that the debt restructuring deeply troubled him and still does.
According to Akufo-Addo, the debt restructuring under the G20 Common Framework was the most painful chapter of his presidency.
Akufo-Addo noted that the programme offered short-term economic relief but came at a heavy social and human cost.
Speaking at the AU-EU High-Level Seminar in Brussels on Thursday, October 2, 2025, on the eve of the AU-EU Summit, Akufo-Addo stated, “I witnessed the suffocating grip of debt on our economy and on our citizens. This deeply troubled me and still does”.
“The most painful part was the impact on ordinary people. Pensioners, young people, and small investors saw their lives and livelihoods shattered,” he said.
Ghana, under Akufo-Addo in 2023, restructured $13 billion in Eurobonds and secured commitments that provided $10.5 billion in external debt service relief through 2026.
The debt restructuring reduced the country’s debt-to-GDP ratio from the mid-80s to 70.5 per cent and also boosted investor confidence and supported an IMF programme.
Meanwhile, Dr Asah Asante, a Political scientist, has slammed former President Akufo-Addo over his recent apology to Ghanaians regarding the pain caused by his government’s domestic debt restructuring programme.
According to Dr Asah Asante, Akufo-Addo’s apology is too late after he shattered the lives of Ghanaians.
He highlighted that the domestic debt restructuring programme disrupted the lives and livelihoods of ordinary Ghanaians, particularly the middle class, pensioners, and other vulnerable groups.