Finance Minister Dr. Cassiel Ato Forson did not shy away from calling out the previous administration for its mishandling of public finances, which he claims has led to the economic hardships stemming from the Domestic Debt Exchange Programme (DDEP).
Presenting the 2025 Mid-Year Budget Review, Dr. Forson painted a stark picture of the consequences that many Ghanaians faced due to fiscal mismanagement under the former Akufo-Addo government.
“The decision to restructure Ghana’s domestic debt, a measure that resulted in severe losses for countless bondholders, became necessary due to the fiscal recklessness of the previous government,” he stated firmly. The Finance Minister emphasized that the repercussions of these decisions were not merely abstract economic statistics; they represented profound personal losses for many citizens.
Dr. Forson conveyed the personal stories behind the numbers, illustrating how the mismanagement of public finances resulted in “devastating haircuts” that stripped pensioners and the middle class of their lifetime savings, livelihoods, and dignity. The DDEP was characterized as more than just an economic policy; it was a painful chapter that inflicted immense distress on ordinary Ghanaians, undermining their hopes and aspirations.
He stressed the breach of trust that ensued when individuals who had invested their hard-earned money in government securities found themselves with little to no return. This phenomenon has not only affected individual lives but also shaken public confidence in the financial system as a whole.
Despite the daunting challenges that lie ahead, Dr. Forson assured Parliament and the Ghanaian public of the current administration’s commitment to restoring fiscal discipline and rebuilding trust in government securities. He urged for bipartisan cooperation to implement essential reforms that could steer the nation toward long-term stability and inclusive economic recovery.
In his closing remarks, the Finance Minister emphasized the importance of unity in the face of adversity, urging all political factions to come together for the nation’s common good, thereby ensuring that such disruptions do not recur.
His impassioned address resonated with many, reflecting a determination to turn the tide and prioritize the welfare of all Ghanaians as the country embarks on a path to recovery.
Source: Apexnewsgh.com
