Former Chief Justice Criticizes Government’s Debt Restructuring Program
In a significant development, the Domestic Debt Exchange Programme (DDEP), implemented to restructure the government’s debt in preparation for an International Monetary Fund (IMF) bailout, is facing renewed scrutiny from former Chief Justice Sophia Abena Boafowaa Akuffo.
Ms. Akuffo expressed her concerns, likening the program to a return to the authoritarian decision-making of the past military regime, where choices were made without consensus. As a retiree and a victim of the program’s impact on her investments, she joined a collective of other retirees in protesting against the government. The DDEP, the sole avenue for securing an IMF bailout, became the focal point of their grievances, claiming that they were not adequately briefed on the contents of the documents they were requested to sign.
During a recent interview with Accra-based Starr FM, Madam Akuffo highlighted the government’s attempt to expedite their endorsement of an agreement they did not fully comprehend. She emphasized that such a move by the government, urging pensioners to sign agreements without understanding their intricacies, mirrored the autocratic practices of military dictatorships.
Quoting Akuffo directly, she stated,
“You contracted me, that in return for buying your bonds, these are what I am expecting. Now you want to change my expectations for whatever reason you don’t do by decree. It was more like the days when you wake up in the morning and by decree, something has happened in Ghana.”
She went on to draw parallels with past instances of unilateral decisions, saying, “All of a sudden, no more 50 cedi notes, or all of a sudden, from Saturday, there is a new currency, but the new currency is not in circulation yet. But on Saturday or Monday, what you have is no longer money, but a decree. What kind of life is that?”
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Expressing disappointment with the government’s breach of legal procedures, Akuffo condemned the authorities for forcing pensioners to take to the streets in protest against the frustrations imposed on their lives. Despite the challenges, she steadfastly maintained her commitment to principles and legal adherence in the face of perceived unjust actions by the government.