National Democratic Congress (NDC) Flagbearer, John Dramani Mahama, has criticized the Akufo-Addo administration’s Debt Exchange Programme, claiming it has led to the collapse of prominent Ghanaian businesses.
Mahama referenced the recent passing of Dr. Michael Agyekum Addo, CEO of the Kama Group of Companies, who had openly criticized the government for implementing policies that he said significantly harmed his business.
According to Mahama, the programme’s failure is due to what he describes as the mismanagement of the economy by the New Patriotic Party (NPP). Addressing supporters in Kasoa, Awutu Senya East Municipality, as part of his Central Region tour, Mahama argued that excessive borrowing by the NPP government—amounting to over $11.5 billion between 2018 and 2021—contributed to the programme’s failure.
He urged voters in the Central Region to vote out the NPP, pointing to what he views as the damaging economic impact of the government’s policies on businesses and livelihoods across the country.
“The DDEP by the Akufo-Addo government has led to the collapse of many indigenous Ghanaian businesses. The founder of the Kama group of companies, Dr.Michael Agyekum Addo lost his entire fortune to the Debt Exchange Programme. Because the government mismanaged the economy and later went borrowing to sustain the economy. This affected pensioners and other government workers who had invested in the economy,” John Mahama said.
“Dr. Michael Addo is just one of many Ghanaians who lost their fortune to the programme. Bonds are the safest in the world except under the NPP government. The NPP has borrowed in excess of 11.5 billion dollars to invest in the programme but all to no avail.
“As we speak now, the founder of the Kama group of companies has passed on after several criticisms of the government when he lost his investment.”
“This government has failed us, and it is about time we gave the NDC the opportunity. We must choose the NDC as the party of choice since they have developed Kasoa,” John Mahama said.
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