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The minority in parliament has asked for forgiveness from Ghanaians after the introduction of the Domestic Debt Exchange Programme (DDEP) under the former NPP government.
It will be recalled that the erstwhile Akufo-Addo government introduced the Domestic Debt Exchange Programme (DDEP) as part of its plans to deal with Ghana’s severe fiscal crisis.
The DDEP left many Ghanaians, notably pensioners, enduring considerable financial losses due to haircuts on their investments.
Speaking on the floor of Parliament during the 2025 Mid-Year Budget Review on Thursday, July 31, Alexander Afenyo-Markin stated, “The NPP devised solutions: the Energy Sector Levy Act to systematically pay down energy liability, the Fiscal Responsibility Law, capping the deficit at 5% of GDP, and the Debt Exchange to restore sustainability”.
“These are actions of a responsible government, and we are proud that we took these decisions, not reckless ones. Again, we take responsibility, we say sorry to Ghanaians, we had to take a painful decision [DDEP] to implement this,” he said.
According to Afenyo Markin, the current NDC government is benefiting from the NPP’s legacy of stabilising Ghana’s grave economic situation without giving credit to the Akufo-Addo government.
The minority leader added, “You’re taking advantage of this painful decision without giving credit to us. Who is a hypocrite in this matter? You are the one found wanting, and indeed, you are the political naysayers; you engage in double standards and engage in political hypocrisy.
“The NPP cleaned up a grave situation, and now the new administration touts the clean-up floor as if it were their own accomplishment. What have you put in place? None,” he critiqued.
However, Professor Stephen Kwaku Asare, a renowned US-based Ghanaian lawyer and scholar, some months ago blew an alarm on Article 71 beneficiaries.
According to Professor Stephen Kwaku Asare, Article 71 beneficiaries were quietly awarded backdated raises whilst the ordinary Ghanaians and pensioners were facing the Domestic Debt Exchange programme (DDEP).
He asserted that while citizens and pensioners were forced to tighten their belts, heads of Independent Governance Bodies and other Article 71 quietly awarded backdated raises.
Stephen Kwaku Asare further dropped a bombshell on how salaries of the Electoral Commission of Ghana (EC), the Auditor-General’s Department and other heads of Independent Governance Bodies (IGBs) increased in four years.
In a Facebook post, on 20 May 2025, he detailed, “Total increase from 2020 to 2024? About 81%. Now, compare that to: Cedi depreciation (2020–2024): ~50–60%; Real wage growth: basically zero or negative for many Ghanaians; Debt restructuring for ordinary citizens: haircuts on bonds, pensions, and savings.
“While citizens and pensioners were forced to ‘share the burden’ and ‘tighten belts,’ IGBs and surely other Article 71 beneficiaries were quietly awarded backdated raises,”
“They get salary arrears, we get austerity. They get ‘adjusted emoluments’, we get emergency levies,” he added.