Joseph Osei Owusu, the Chairman of the New Patriotic Party’s (NPP) Presidential Elections Committee, has said the party underestimated the impact of the Domestic Debt Exchange Programme (DDEP).
Joe Wise, as he is commonly known, admitted that the party underestimated the impact of the DDEP on the middle class.
He explained that the NPP should have realised the public dissatisfaction, including protests by affected groups, as a sign of voter discontent.
Speaking in an interview on Channel One TV’s Face to Face on Tuesday, January 27, Joseph Osei Owusu stated, “What I have not looked at strictly is the effect of the DDEP on the middle class. We underestimated it; I particularly underestimated it”.
“I saw the picketing and saw the people involved. I should have realised that we were losing the middle class,” Mr Osei Owusu added.
Also, the minority in parliament has asked for forgiveness from Ghanaians after the introduction of the Domestic Debt Exchange Programme (DDEP) under the former NPP government.
Speaking on the floor of Parliament during the 2025 Mid-Year Budget Review on Thursday, July 31, Alexander Afenyo-Markin stated, “The NPP devised solutions: the Energy Sector Levy Act to systematically pay down energy liability, the Fiscal Responsibility Law, capping the deficit at 5% of GDP, and the Debt Exchange to restore sustainability”.
“These are actions of a responsible government, and we are proud that we took these decisions, not reckless ones. Again, we take responsibility, we say sorry to Ghanaians, we had to take a painful decision [DDEP] to implement this,” he said.
According to Afenyo Markin, the current NDC government is benefiting from the NPP’s legacy of stabilising Ghana’s grave economic situation without giving credit to the Akufo-Addo government.
The minority leader added, “You’re taking advantage of this painful decision without giving credit to us. Who is a hypocrite in this matter? You are the one found wanting, and indeed, you are the political naysayers; you engage in double standards and engage in political hypocrisy.
“The NPP cleaned up a grave situation, and now the new administration touts the clean-up floor as if it were their own accomplishment. What have you put in place? None,” he critiqued.
It will be recalled that the erstwhile Akufo-Addo government introduced the Domestic Debt Exchange Programme (DDEP) as part of its plans to deal with Ghana’s severe fiscal crisis.
The DDEP left many Ghanaians, notably pensioners, enduring considerable financial losses due to haircuts on their investments.