Mahama Accuses Bank Of Ghana Of Using DDEP As 'Cover Up', Jabs Ofori Atta | Politics

Former President John Dramani Mahama suggested that the Governor of the Bank of Ghana is using the Domestic Debt Exchange Programme (DDEP) to hide the alleged mismanagement of the central bank.

According to the National Democratic Congress (NDC) Flagbearer, the Bank of Ghana (BoG) justified that GH₵53.1 billion out of the total GH₵60 billion loss was due to the government's Domestic Debt Exchange Programme (DDEP).

According to a statement from the BoG, "In 2 months, the Bank of Ghana lost $500 million in reserves and built significant overdraft with the government as a result of the auction failures. It became clear that Ghana was on an unsustainable path, and the Government had to approach the IMF for support in July 2022.

“The IMF process included putting into place a credible programme of reform, which included restructuring the total government debt to sustainable levels. Until the Staff Level Agreement with the IMF was reached in December 2022, the Bank of Ghana had to continue to provide the necessary support to keep the economy running” the statement added.

Reacting to this on his Facebook post, Mahama wrote: "An incompetent Finance Minister damages the economy and uses Covid-19 and Ukraine/Russia war as cover-ups. A pliant Governor destroys the Central Bank and seeks to use the Domestic Debt Exchange (DDE) as a cover"