CEO of the Private Enterprise Foundation, Nana Osei Bonsu, has stated that Ghana’s business community is still grappling with the effects of the Domestic Debt Exchange Programme (DDEP).
Speaking on Joy News’ PM Express Business Edition, he emphasized that the private sector, in particular, continues to bear the weight of the debt restructuring, and the country has yet to fully recover from its impact.4o
“We haven’t recovered,” Mr. Bonsu said plainly.
“We’re still reeling from the high cost of doing business and high interest rates. To the authorities, it might seem like recovery because we’re in the process, but for businesses, we are not there yet. We are still stumbling.”
The CEO pointed out that businesses are still struggling, especially when it comes to competing on the international stage.
He emphasized that interest rates and the cost of operating in Ghana remain significantly higher compared to global counterparts.
“We’re competing in an international arena where others have interest costs at less than 8%, while ours is still very high. So how can we say we’ve recovered?” he questioned.
Mr. Bonsu expressed concerns about Ghana’s involvement in the African Continental Free Trade Area (AfCFTA), noting that while the country has welcomed international competitors, local businesses continue to face significant disadvantages.
“Our taste buds always prefer non-local products. The international players come in and we dangle tax exemptions at them. What are we benefiting from this? What are we doing to boost local businesses?” he lamented.
The domestic debt exchange, which deprived private businesses of much-needed income, is still casting a shadow over Ghana’s economic landscape.
According to Bonsu, the situation has resulted in significant job losses and reduced productivity, with many businesses still unable to bounce back.
“We didn’t approve of the debt exchange wholeheartedly because we had no alternative. Our hard-earned interest and income were taken away,” he said, adding that the recovery process is ongoing but far from complete.