During the 2025 Mid-Year Budget Review, the Minority in Parliament issued an unprecedented apology to Ghanaians for the adverse effects of the Domestic Debt Exchange Programme (DDEP), implemented under the previous Akufo-Addo administration.
The programme, designed to address Ghana’s fiscal crisis by restructuring domestic bonds, had significant financial repercussions, especially for pensioners who bore the brunt of investment losses.
Minority Leader Alexander Afenyo-Markin acknowledged the sacrifices made by citizens affected by the so-called “haircuts,” stating, “We take responsibility, and we say sorry to Ghanaians. It was a painful but necessary decision.”
While expressing remorse, the Minority leader simultaneously highlighted the broader context of the DDEP, framing it as part of a series of tough but essential reforms undertaken to stabilise the country’s economy. He pointed to key legislative measures such as the Energy Sector Levy Act and the Fiscal Responsibility Law as pillars of responsible governance.
In a pointed critique of the current Mahama administration, Mr. Afenyo-Markin accused the government of political double standards, claiming it benefits from the previous administration’s reforms while denying them due credit. “You’re benefiting from the difficult reforms we undertook, yet you refuse to give credit. Who, then, is being hypocritical?” he challenged.
He further argued that the groundwork laid by the NPP was vital in addressing the fiscal challenges, contrasting it with what he described as the current administration’s lack of significant economic contributions since taking office.
The Minority’s candid admission marks a rare moment of accountability in Ghana’s political discourse, yet it also underscores the ongoing tensions surrounding economic policy and governance between the political parties. As the nation grapples with the fallout from the DDEP and broader economic challenges, the debate over responsibility and legacy remains a critical theme in the parliamentary arena.
