In a fiery critique shared on X, Ghanaian broadcast journalist Bridget Otoo has aimed at Finance Minister Dr. Mohammed Amin Adam, accusing the government of misleading the public about the Domestic Debt Exchange Program (DDEP).
Otoo’s comments came in response to Adam’s claim that the DDEP has saved Ghana a staggering $12 billion.
During a panel discussion at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group on October 23, 2024, Dr. Amin Adam lauded the DDEP as a monumental success, stating that it had significantly reduced Ghana’s debt burden and created a more sustainable fiscal environment.
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According to the Finance Minister, the program required domestic bondholders to exchange their existing bonds for new ones with different terms, a move aimed at reducing the government’s debt service obligations.
However, Bridget Otoo, known for her outspoken nature, took to social media to express her dissatisfaction with the government’s narrative. In a post on X, she accused the government of essentially robbing Ghanaians of their savings and investments under the guise of “saving”
“You take money from people’s savings and investments and call it ‘saving.’ I’m sure the honest thing to say is ‘government stole $12bn’ from its citizens,” Otoo fired back. Otoo’s criticism has resonated with many Ghanaians who feel the pinch of the economic measures.
The DDEP, launched in December 2022, was intended to address Ghana’s increasing financial difficulties by restructuring the country’s debt. While the government touts the program’s success, critics argue that it has come at a significant cost to ordinary citizens.
Adding to the controversy, Ghanaian-born American comedian and actor Michael Blackson has also voiced his frustration over the DDEP.
Blackson, who invested in Ghana’s Eurobonds, has publicly lamented the financial setbacks he has faced due to the program. He has even hinted at legal action against the Ministry of Finance over his “locked-up” investments.
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The debate over the DDEP highlights the broader challenges facing Ghana’s economy.
While the government seeks to stabilize the fiscal environment and reduce debt, the impact on individual investors and the public’s trust in financial institutions remains a contentious issue.
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