Flagbearer for the National Democratic Congress (NDC), John Dramani Mahama, has sharply criticized the Akufo-Addo administration’s Debt Exchange Programme (DDEP), asserting that it has contributed to the collapse of major Ghanaian businesses.

Citing the recent death of Dr. Michael Agyekum Addo, CEO of the Kama Group of Companies, Mahama pointed to the businessman’s outspoken criticism of government policies, which he claimed severely impacted his business.

Mahama attributed the failure of the Debt Exchange Programme to what he called the mismanagement of the economy by the ruling New Patriotic Party (NPP).

Speaking to his supporters in Kasoa, Awutu Senya East Municipality, during his Central Region tour, Mahama blamed the NPP government’s excessive borrowing—over $11.5 billion between 2018 and 2021—for the economic troubles that led to the programme’s failure.

He called on voters in the Central Region to reject the NPP in the upcoming election, arguing that the government's policies have had a destructive impact on businesses and livelihoods nationwide.

“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.