Finance Minister Apologizes for Hardships, Credits Debt Exchange for Economic Recovery
Dr. Mohammed Amin Adam, Ghana’s Minister of Finance, has publicly apologized to Ghanaians for the economic hardships they have faced. He attributed these difficulties to the Domestic Debt Exchange Programme (DDEP), which the government initiated over a year ago as a requirement set by the International Monetary Fund (IMF).
Speaking at a town hall meeting in Accra on Tuesday, August 6, 2024, Dr. Amin Adam detailed the rationale behind the DDEP. He explained that the debt restructuring was crucial for meeting IMF conditions and stabilizing the economy.
“We decided to restructure our debts because it was one of the requirements by the IMF. We started with the Domestic Debt Exchange Programme, and the DDEP was a very successful programme, achieving 95% participation. And on this note, I would like to appeal to the people of Ghana to forgive us,” Dr. Amin Adam said. “It is never the intention of any government to impose hardships on its people. More so, the NPP government has demonstrated that we want to reduce the burden on the Ghanaian people.”
He emphasized that the decision to implement the DDEP, though difficult, was necessary for the country’s economic recovery. Dr. Amin Adam acknowledged the sacrifices made by Ghanaians during this period and expressed gratitude for their support, which he credited with contributing significantly to the economy’s recovery.
“This was a necessary, very important decision at the time. If we had avoided it, our economy would not recover as it has today. The decisions we made, and all the support you gave us during the DDEP have largely contributed to the recovery our economy is seeing today. This is why I want to appeal to you to forgive us. But also to thank you on behalf of the president for the sacrifices and efforts you all made participating in the DDEP that saved our economy.”
Dr. Amin Adam’s apology follows advice from Kennedy Agyapong, the NPP MP for Assin Central, who recently urged the government to acknowledge its mistakes and apologize to the public for the economic hardships. Agyapong argued that an apology was crucial for the NPP to regain the trust of the electorate.
“Let’s go out there with humility, apologise to Ghanaians, and admit your mistakes before you can convince anybody to vote for you. If we ignore the hardships Ghanaians are going through, they will never accept what we are saying. You first have to admit that there are hardships, let’s give NPP another chance, and I know we have all learnt our lessons,” Agyapong advised.
The ruling NPP party has faced increasing scrutiny and criticism over the country’s economic challenges. They attribute these difficulties to external factors such as the global COVID-19 pandemic and the Russia-Ukraine conflict, which have exacerbated economic issues, leading to inflation, unemployment, and general economic hardship for many Ghanaians.
Dr. Amin Adam’s heartfelt apology and the government’s acknowledgment of the sacrifices made by the public signal a step towards rebuilding trust and demonstrating a commitment to improving the economic conditions in Ghana.
