According to minority leader Dr. Cassiel Ato Forson, seventeen banks could fail if the government's Domestic Debt Exchange Programme (DDEP) is carried out as planned.

He claimed that the proposal will rather blame people and financial entities, mainly banks, for the government's bankruptcy.

As Finance Minister Ken Ofori-Atta spoke to the House about the DDEP, the former minister made this declaration on the floor of the legislature.

Given that the nation is insolvent due to its high levels of debt, Ofori-Atta stated that the initiative was essential to the recovery of the economy.

He said despite stiff opposition from some Ghanaians, including pensioners, the programme has been successful as over 1,300 pensioners and individual bondholders have willfully subscribed to it.

But debating the issue, Dr Ato Forson said the programme will impoverish Ghanaians and cripple some banks.

He stated that some “17 banks in the country are at risk as a result of the Domestic Debt Exchange Programme.”

He said despite the government saying persons such as pensioners who didn’t subscribe to the DDEP will be exempted, the Minority Caucus will push for a bill which will prevent the government from touching the funds of pensioners in the programme.

“We won’t allow you to shift the burden to the ordinary Ghanaian,” he said to the Minister who was seated in Parliament.