Ato Forson Jabs Akufo-Addo over DDEP

Finance Minister Cassiel Ato Forson slammed the administration of former President Nana Addo Dankwa Akufo-Addo for mismanaging the economy and leading to a debt crisis.

Speaking in Parliament on Thursday, July 24, 2025 during the delivery of the mid-year budget, Ato Forson said the Akufo-Addo government left senior Ghanaian citizens in disarray by destroying their pension funds via the debt exchange program.

He said the hardship brought on Ghanaians was due to the NPP’s mismanagement.

“Mismanagement of our public finances by the previous administration led to devastating haircuts through the Domestic Debt Exchange Programme (DDEP), which denied pensioners and the middle class their lifetime savings, livelihoods and dignity,” he told the House.

Forson added that the NPP government’s actions were a betrayal of trust of the Ghanaian people.

He said the NDC are going to work hard to restore that trust by fixing the economy and the bond market.

Government contracts to be given in cedis

In another new move, the Finance Minister announced that government contracts will henceforth be given out in cedis.

“Unfortunately, foreign currencies are becoming the means of transacting business in Ghana. This trend, if not checked, will erode confidence in our currency, fuel inflation and diminish the value of our sovereign symbol.” he said. “To curb this unfortunate development, President John Dramani Mahama has directed that, beginning today, 24 July 2025, no contract awarded by government, regardless of the funding source, should be denominated in foreign currency.”

Analysis of Ato Forson’s cedis directive

The decision for government contracts to be handed out only in Ghana cedis is absolutely welcome news to all Ghanaians.

The logical next step is to direct for all transactions in the country to be carried out in Ghana cedis.

The use of dollar in the country has wildly inflationary effects, as the Minister mentioned, and should henceforth be completely prohibited.