We underestimated public anger over debt restructuring – Afenyo-Markin

The Minority Leader in Parliament, Alexander Afenyo-Markin, has admitted that the government’s Debt Exchange Programme (DEP) played a major role in the New Patriotic Party’s (NPP) defeat in the 2024 general elections.

Speaking in an interview with Kwaku Sintim-Misa (KSM) on Saturday, 15 March 2025, Afenyo-Markin said the ruling party failed to anticipate the level of public resentment that followed the programme, which restructured Ghana’s debt in an effort to save the economy.

“The Debt Exchange Programme was a difficult decision, but we had no choice. Unfortunately, it came at a high political cost. Many Ghanaians, especially pensioners and middle-class investors, felt betrayed and showed their anger at the polls,” he said.

The government introduced the DEP in late 2022, requiring domestic bondholders to accept lower interest rates and longer repayment periods as part of efforts to secure an IMF bailout. 

The policy sparked nationwide protests, with pensioners and individual bondholders staging demonstrations at the Finance Ministry to demand exemptions.

Afenyo-Markin acknowledged that while the programme was necessary to stabilise the economy, the NPP failed to communicate its long-term benefits effectively. “Perhaps we should have engaged the public better. Many saw it as a punishment rather than a necessary step for economic recovery,” he admitted.

He called for a review of the party’s approach to economic management and public engagement to rebuild trust ahead of future elections.