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DDEP is a painful lesson, not a policy success — Ghana must never again be pushed to domestic debt restructuring
March 8, 2026
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DDEP is a painful lesson, not a policy success — Ghana must never again be pushed to domestic debt restructuring

Money
Policy
Growth

Key Points

  • The Domestic Debt Exchange Programme (DDEP) was an emergency measure to stabilize Ghana's severely distressed economy, not a policy success to be celebrated.
  • It was necessitated by years of unsustainable debt accumulation, macroeconomic mismanagement, high coupon rates, and loss of access to international capital markets.
  • The DDEP imposed significant costs, including a GH¢60.8 billion loss for the Bank of Ghana, billions in losses for commercial banks, erosion of capital buffers, and reduced returns for pension funds and investors.
  • It led to a loss of confidence in domestic government bonds, constrained credit capacity for businesses, and will continue to affect Ghana's financial system for years to come.
  • The DDEP serves as a painful corrective measure and a cautionary lesson on the importance of prudent debt management, disciplined fiscal governance, and avoiding reckless borrowing.

Why This Matters

This article is crucial for Ghana as it dissects a pivotal moment in the country's recent economic history, highlighting the severe consequences of fiscal mismanagement. It underscores the ongoing structural impacts on the financial system, affecting monetary and fiscal policy for the foreseeable future, and provides critical lessons for preventing future debt crises and ensuring sustainable economic stability.

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