Accra: Dr Cassiel Ato Baah Forson, the Finance Minister-designate, has pledged to tackle the negative impact of the Domestic Debt Exchange Programme (DDEP) on Ghana's economy. Speaking during his vetting at the Appointments Committee of Parliament on Monday, Dr Forson gave the assurance that his ministry would take the necessary measures to remedy the alleged challenges created by the programme.
According to Ghana News Agency, the DDEP, introduced by the Nana Addo Dankwa Akufo-Addo led-government, was designed to address Ghana's mounting debt crisis. The programme involved restructuring domestic bonds and debts, which reportedly led to significant losses for creditors and a complex repayment schedule, raising concerns about Ghana's fiscal sustainability.
Dr Forson revealed that Ghana faced substantial payments as part of the debt restructuring process, including GHS12.6 billion in 2025, GHS15.7 billion in 2026, and GHS53 billion in 2027. He emphasized the commitment to addressing the consequences of the domestic debt restructuring, stating, "We will do whatever it takes to clear the harms that have been created."
Additionally, Ghana had already paid $364 million and is expected to pay $1 billion annually starting from 2026. Despite these challenges, Dr Forson expressed his commitment to resolving the issues and ensuring that Ghana remained on a path toward financial recovery and economic stability.
His administration plans to adopt a robust approach to tackle the challenges created by the DDEP, which includes improving compliance and reducing wasteful spending within the Government.
