Dr. Matthew Opoku Prempeh, the New Patriotic Party‘s (NPP) vice-presidential candidate, has called for dialogue between the government and citizens affected by the Domestic Debt Exchange Programme (DDEP), which led to the lock-up of many citizens’ bond investments.
According to NAPO, he believes that those who entrusted their life savings to the government, only to see them frozen, deserve an apology.
Speaking in an interview on Peace FM’s Kokrokoo on October 16, 2024 Dr. Prempeh acknowledged the significant sacrifices made by bondholders to help stabilize Ghana’s economy during challenging times.
He asserted that, without the DDEP investors, the government would have struggled to restructure its debt effectively.
Expressing empathy for the bondholders’ plight, Dr. Prempeh questioned what would compel former Chief Justice Sophia Akuffo, who has retired with a full salary and luxurious benefits, to join a protest over money.
“My concern is that people who invested in bonds, whether at 60%, 40%, or 20% were saving with the understanding that they could access those funds for personal needs at their convenience. For them to be denied this is deeply troubling.
“For me, it’s essential that we negotiate with those affected by DDEP. The government has not taken anyone’s money; rather, it has proposed a phased repayment plan. Payments are set to start from 2026/2027, with bond coupon payments resuming next year. Starting in June, 5% will be paid, then 10%, and so on.
“If it weren’t for the DDEP, the government would have faced difficulty in restructuring its debt. As a future head of the Economic Management Team, I am telling you this,” he said.
He continued, “the pain and hardship experienced by those affected by DDEP are real. What will force a retired former chief Justice, who has retired on her full salary and benefits till her death go into a demonstration?
“That means it is not about the money that she is enjoying today but rather how she has been drifting with money all her life and savings. Then all of a sudden someone tells her that give me your bond savings and I will pay you at my convenient time…I am talking about Ghanaians who are suffering.”
On December 5, 2022, the Government of Ghana launched the Domestic Debt Exchange Programme, inviting holders of approximately GH¢137 billion in domestic bonds, including E.S.L.A. and Daakye bonds, to exchange them for a package of new bonds to be issued by the Republic.
The exchange excluded Treasury Bills and bonds held by individual investors.
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