Prof Peter Quartey Commends Finance Minister for Apology Over DDEP Impact

In a recent statement, Prof Peter Quartey, the Director at the Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana, expressed his admiration for Finance Minister Dr. Amin Adam's recent apology to Ghanaians. The apology was in response to the widespread hardships experienced due to the Domestic Debt Exchange Programme (DDEP).

On Tuesday, Dr. Amin Adam issued a public apology, acknowledging the economic difficulties that many Ghanaians have endured as a result of the DDEP. He emphasized that it was not the government’s intention to impose such hardships and asked for forgiveness from the affected populace.

Prof Quartey highlighted that this act of contrition is a sign of true leadership. "I think there is no doubt that the DDEP caused pain to Ghanaians, to investors, to banks who were making profit, all of a sudden became loss-making, and investors lost income or expected income," he stated.

He further noted that such admissions are rare among politicians, making Dr. Amin Adam's apology even more commendable. "I admire his candidness and willingness to apologise. We are in this country—how many politicians or leaders have we seen apologising when something goes wrong?" Prof Quartey remarked during an interview on JoyFM’s Top Story.

He also pointed out that many of the decisions leading to the economic challenges were made before Dr. Amin Adam assumed the position of Finance Minister. Despite this, the Minister took responsibility and showed the boldness to address the situation openly. "For me, I admire his candidness," Prof Quartey reiterated.

Additionally, Prof Quartey backed Dr. Amin Adam's claim that the Ghanaian economy is showing signs of growth. He explained that recent data supports the Minister's statement, with the country's growth projection being revised upwards.

However, he also emphasized the need for this growth to accelerate in order to improve living standards and lift a significant portion of the population out of poverty. Prof Quartey acknowledged improvements in fuel prices and the cost of doing business but stressed the urgency of translating economic growth into tangible benefits for the people.

The ISSER Director's endorsement of the Finance Minister’s apology reflects a broader recognition of the need for accountability and transparency in governance, especially in times of economic difficulty.