10/3/2025
The phrase is stark, isn’t it? Nana Akufo-Addo has now publicly labeled his country’s economic meltdown and subsequent debt restructuring as the “darkest episode” of his presidency. This isn't just a political statement; it’s an admission that the crisis bit deeper than any other challenge.
The admission relates directly to the Domestic Debt Exchange Programme (DDEP), which Ghana was forced to implement after its economy hit a wall in 2022. The crisis was a perfect storm, starting with the devastation of the COVID-19 pandemic and then aggravated by the global fallout from the Russia-Ukraine war, pushing inflation in Ghana to a 21-year high (Per Akufo-Addo to the UN, 2022).
You see, to qualify for the vital $3 billion bailout from the International Monetary Fund (IMF), Ghana had to make its crippling debt sustainable. The DDEP was the solution, requiring domestic bondholders-banks, insurance firms, and everyday citizens-to trade their existing bonds for new ones with lower interest rates and significantly longer maturity periods.
Yet, this essential exercise was brutal. It wiped out a portion of the nation's debt and provided financial relief-an estimated $4.4 billion in cash flow relief during the IMF Programme (Per African Business, 2024)-but it sparked widespread public anger. Pensioners famously picketed the Finance Ministry to protect their life savings. The smell of fear was thick in the air as people watched their retirement funds vanish.
The former President, however, has also highlighted the successful completion of the domestic and external debt restructuring operations. The domestic exchange alone achieved a high participation rate of almost 95% of eligible holders, and the country secured agreements that are already bringing stability to the currency and easing the massive burden on tax revenue (Per Ministry of Finance, 2023).
And… while the successful debt deals are now helping to revive stalled infrastructure projects, the price paid in public trust and lost savings remains a very bitter pill. Will the long-term gains from this "darkest episode" ever fully eclipse the pain of the sacrifice?
You can watch an analysis of former President Akufo-Addo's controversial legacy here. This video provides context on the challenging final years of the former President’s term, which were defined by the economic crisis and debt restructuring.
Source: https://www.youtube.com/watch?v=TRhiipxQRFw
Source: https://citinewsroom.com/2025/10/debt-restructuring-was-darkest-episode-of-my-presidency-akufo-addo/