Mid-Year Budget: Ato Forson Blames Akufo-Addo for Financial Losses Under DDEP
Finance Minister says reckless fiscal management under the Akufo-Addo administration led to painful debt restructuring, causing severe losses to pensioners and bondholders.
- Ato Forson blames Akufo-Addo government for economic pain from DDEP
- Says pensioners and investors suffered heavy losses due to debt haircuts
- Current administration pledges reforms to restore fiscal stability
Finance Minister Dr. Cassiel Ato Forson has held the previous Akufo-Addo administration responsible for the economic fallout from the Domestic Debt Exchange Programme (DDEP), describing it as a direct result of fiscal mismanagement.
Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson said the debt restructuring initiative, which imposed steep losses—commonly known as “haircuts”—on bondholders, was made necessary by reckless economic governance.
“The previous government’s mismanagement of public finances forced devastating haircuts through the DDEP,” he told lawmakers. “This wiped out the life savings of pensioners and middle-class investors, stripping them of their livelihoods and dignity.”
Dr. Forson emphasized that the impact of the DDEP extended far beyond numbers, saying it inflicted real human suffering and eroded trust in the financial system.
He further noted that the current administration is working to restore fiscal discipline and rebuild confidence in government-backed securities, with a commitment to preventing similar crises in the future.
Calling for bipartisan support, the Finance Minister urged Parliament to back reforms aimed at stabilizing the economy and laying the foundation for inclusive, long-term growth.
