Ghana’s Domestic Debt Exchange Programme (DDEP) has received unexpected praise from Dr. Sharif Mahmud Khalid, Economic Policy Advisor to Vice President Jane Naana Opoku Agyemang, who described the controversial initiative as instrumental in stabilizing the nation’s finances.
The remarks came during a Joy News interview following Fitch Ratings’ upgrade of Ghana’s credit outlook.
Dr. Khalid acknowledged the programme’s role in creating fiscal space after the economic shocks of COVID-19 and global inflation. “The DDEP provided crucial breathing room that allowed us to restructure finances and re-engage with rating agencies,” he stated, while cautioning against premature celebration. The advisor emphasized the government’s continued focus on domestic market stabilization through structural reforms, spending controls, and reduced political appointments rather than immediate return to international borrowing.
Implemented in late 2022 under former Finance Minister Ken Ofori-Atta, the DDEP restructured GH¢137 billion in domestic bonds amid significant public resistance. The programme’s completion with institutional participation preceded Fitch’s recent rating upgrade from ‘Restricted Default’ to ‘B-‘, marking an important milestone in Ghana’s economic recovery.
