“Debt Restructuring Was My Darkest Moment as President” – Akufo-Addo Confesses
- Former President Nana Addo Dankwa Akufo-Addo shared one moment during his governance that he claimed was the darkest moment for him
- The former President was speaking at the AU-EU High-Level Seminar in Brussels on Thursday, October 2, 2025, on the eve of the AU-EU Summit
- Social media users shared their varied thoughts on what the former Ghanaian leader said, while some asked further questions to gain better clarification
Former President Nana Addo Dankwa Akufo-Addo said one of his darkest and painful moments was under the G20 Common Framework during Ghana's debt restructuring.
The former President said this when he addressed the audience at the AU-EU High-Level Seminar in Brussels on Thursday, October 2, 2025, a day before the AU-EU Summit.
Source: Facebook
Nana Akufo-Addo said that even though the programme offered short-term economic relief, it came at a heavy social and human cost, especially for vulnerable groups.
“I witnessed the suffocating grip of debt on our economy and on our citizens. This deeply troubled me and still does. The most painful part was the impact on ordinary people. Pensioners, young people, and small investors saw their lives and livelihoods shattered."
“The process was sequential, not simultaneous. It prolonged uncertainty. It eroded investor confidence. And it inflicted a heavy cost at home that was a dark cloud moment for me as President,” he added.
Ghana entered the Framework in 2023, restructuring $13 billion in Eurobonds and securing commitments that provided $10.5 billion in external debt service relief through 2026. The exercise reduced the country’s debt-to-GDP ratio from the mid-80s to 70.5 per cent, boosted investor confidence, and supported an IMF programme.
He indicated that the programme yielded positive results. It allowed for the country to restructure $13 billion in Eurobonds in 2023 and secure $10.5 billion in external debt service relief through 2026.
On the continent's debt challenges, Akufo-Addo indicated that Africa’s $1 trillion debt burden reflects systemic inequities in global finance.
Source: UGC
“Every dollar diverted to creditors is a dollar taken from a hospital, from a child’s vaccination, from a community’s future. This is not economics; it is inequity. Debt relief for Africa is not an act of generosity. It is an act of justice.”
He proposed linking debt cancellation to climate action, which he called Debt Relief for Green Investment and Resilience.
Reactions to Akufo-Addo's debt restructuring
YEN.com.gh collated some social media reactions on the debt restructuring comments made by former President Akufo-Addo. Read them below:
@abawudor said:
"Heartbreaking reflection, Mr President. The scars of debt restructuring run deep, ordinary Ghanaians paid the heaviest price. Here's to healing, rebuilding stronger, and Africa's debt chains breaking for good. 🇬🇭💪 #GhanaRising #AkufoAddo #JohnMahama."
@Smart_Anumah wrote:
"A timely reminder of how not to govern. Life is a Rent."
@DanK_2022 said:
"The darkest di3 it went more than an hour for people who were affected ooo. Their graves are darkened forever. God Almighty have mercy on those who have no say."
@jakes_officio wrote:
"This is a good starting point, Mr Ex-President! You should have ended it by saying "and I am sorry". But thank you for acknowledging that."
@KwasiTerminator said:
"It was your darkest hour, but you were unwilling to sack Ken Ofori Atta for supervising the mess, even when over 80 of your own MPs asked you to do right? We hear you, 2028, and 2032 will come again. You'll know that we also have power."
Founder of KAMA Group dead at 74
YEN.com.gh reported that Dr Michael Agyekum Addo, founder of KAMA Group and Nkabomhene of New Juaben, passed away at 74 years old.
Dr Addo, in his last days before his demise, criticised the Akufo-Addo government over the country's debt restructuring.
He was known for his contributions to various sectors in Ghana’s business space. He established the KAMA Group in 1986.
Source: YEN.com.gh
