Former Chief Justice Sophia Akuffo has issued a stark warning about the long-term damage inflicted on the nation’s financial credibility by the Domestic Debt Exchange Programme (DDEP), stating that the government’s word can no longer be taken as its bond.
In a candid interview on JoyNews’ PM Express Business Edition on Thursday, the former Chief Justice fiercely defended her decision to join pensioners picketing against the programme in February 2023, insisting that her conscience would compel her to do the same again.
Her presence on the picket line two years ago shocked many, transforming a protest by vulnerable bondholders into a national talking point. For Justice Akuffo, the issue was never political, but one of fundamental principle and the rule of law.
“You don’t sit there and just let unlawful things be done,” she stated, explaining her motivation. “If you feel strongly about it and there’s no one to listen to you, you shout it out.”
The DDEP, a cornerstone of government’s efforts to address the economic crisis, involved a swap of domestic debt for new bonds with lower principal values—a “haircut”—and extended maturities. While the government presented it as a painful but necessary step, Justice Akuffo described the move as a profound breach of trust that has fundamentally “debase[d] the repute of the Ghana government.”
She traced the damage back to the core meaning of a financial instrument. “What does bond mean? Your word is your bond,” she explained. “It used to be… a government bond that was issued on written terms, and if you cannot rely on the government’s word, the bond, even when you’ve signed, what else can you rely on?”
The former Chief Justice argued that this breach transcends the tenure of any single administration, creating a credibility gap that will haunt future governments. She pointed to the government’s latest attempt to raise funds—the proposed cocoa bonds—as evidence of this lingering doubt.
“So now that they want to issue cocoa bonds, I’ve already heard people wondering,” she noted. “The elephant in the room that everybody will pretend is not there is going to be, how many people will really opt to go take this bond after that bad experience?”
Recounting her decision to join the protest, Justice Akuffo revealed it was a spontaneous act of solidarity. Spotting an acquaintance on the picket line from afar, she called her to confirm and then simply asked, “Can I join?”
For her, the moment was a necessary act of defiance. While acknowledging she was not part of the decision-making process that led to the haircuts, she made it clear that witnessing an injustice compels a public response. “It’s something which I always say, if I had to do it again, I would do it,” she affirmed.
Her comments serve as a powerful reminder of the human cost of the economic crisis and pose a challenging question for policymakers: how does a nation rebuild the financial trust it took decades to earn?
