The Minority in Parliament has called on the Minister of Finance, Dr. Mohammed Amin Adam, to extend his apology to Ghanaians beyond the hardships inflicted by the Domestic Debt Exchange Program (DDEP), urging him to address the “many other economic sins” committed by the Akufo-Addo-Bawumia government.
During a town hall meeting in Accra on Tuesday, Dr. Amin Adam offered an apology for the difficulties brought upon Ghanaians due to the DDEP. He explained that the debt restructuring was a necessary move, driven by International Monetary Fund (IMF) requirements, and sought forgiveness from the public for the resulting hardships.
“We decided to restructure our debts because it was one of the requirements by the IMF. We started with the domestic debt exchange programme, the domestic debt exchange programme was very successful, achieving 95 percent participation. On this note, I would like to appeal to the people of this country to forgive us,” stated Dr. Amin Adam.
He further emphasized that the decision was crucial for economic recovery and expressed gratitude to Ghanaians for their sacrifices during the process.
In response, the Minority in Parliament criticized the government’s handling of the DDEP, labeling it as unnecessary and causing significant harm to the populace, including pensioners. They pointed out that the financial distress faced by Ghanaians was not limited to the DDEP but extended to the restructuring of external debts such as Eurobonds, where many lost about 37% of their investments.
Dr. Cassiel Ato Forson, Minority Leader, underscored that the DDEP was just one of many economic missteps by the Akufo-Addo-Bawumia administration. He highlighted other issues including the collapse of indigenous banks, the loss of public confidence in the financial sector, and the government’s reckless borrowing spree, which saw Ghana’s public debt skyrocket from GHS120 billion in 2017 to GHS742 billion.
The Minority’s statement also called attention to other economic challenges, including soaring inflation, high unemployment rates, and massive corruption, arguing that these failures have led to unprecedented hardship and poverty across the country.
“Ghanaians deserve a genuine and unconditional apology from Dr. Mohammed Amin Adam and the Akufo-Addo/Bawumia NPP government for causing severe economic hardship, a collapsed banking sector, and an economy riddled with debt,” Dr. Forson asserted.
He concluded by stating that time has run out for the Finance Minister and the government, as Ghanaians demand accountability for the economic mismanagement that has plagued the nation.
