Sophia Akuffo Breaks Silence on Protest Against Akufo-Addo's Gov't: "I Would Do It Again"
- Former Chief Justice Sophia Akuffo defended her decision to join the protest against the Domestic Debt Exchange Programme
- She stated that her upbringing did not allow her to remain silent in the face of what she believes are unlawful or unjust actions
- Akuffo maintained that she would participate in similar protests again if it serves the public interest, despite the repercussions
Former Chief Justice Sophia Akuffo has opened up about her decision to join the 2023 protest against former President Akufo-Addo's administration over the Domestic Debt Exchange Programme (DDEP).
The former Chief Justice, who is now a member of the Council of State, stated that her upbringing makes it difficult for her to remain silent when there are problems in the country.
Source: UGC
In a report by GhanaWeb, Sophia Akuffo said she does not regret demonstrating against the government led by Akufo-Addo, a man who is said to be her cousin.
She added that, given another opportunity, she would join any protest that seeks to fight injustice and unlawful actions within the system.
"You don't sit there and just let unlawful things be done. If you feel strongly about it and there's no one to listen to you, you shout it out," she said.
Why Sophia Akuffo joined 2023 DDEP protest
During the 2023 protest, Akuffo was seen among senior citizens and retirees who had picketed at the Ministry of Finance to demand a total exemption from the controversial DDEP on their investments.
The former Chief Justice explained in an interview that it was unfair for the government to touch the investments of bondholders as a measure to save the economy, which had been put in a mess by its own decisions.
"First and foremost, I wasn't there in that boardroom when that decision was made to give people haircuts, whether they liked it or not. But even if I had been there and I had disagreed, and despite my strenuous position, it went ahead, to the extent that I think it's wrong and that it's in the interest of the public to know that it's wrong, yes, I would have come out," she stated.
Akuffo further explained that she joined the protest after seeing someone she knew among the picketers on television.
Details about Ghana's DDEP
Ghana’s Domestic Debt Exchange Programme was launched in December 2022 by the former Finance Minister, Ken Ofori-Atta, under the erstwhile New Patriotic Party-led administration.
The programme was introduced as a critical component of the country’s economic reform strategy to restore debt sustainability and secure a $3 billion bailout from the International Monetary Fund (IMF).
Under the DDEP, eligible domestic bondholders were invited to swap their existing bonds for a set of new benchmark bonds with extended maturities and reduced coupon rates.
This led to what is known as 'haircuts' (reductions) in the expected value of investments, with many investors, including pensioners, losing a significant portion of their savings.
Source: Facebook
Ghana pays GH¢10bn in DDEP interest
Meanwhile, YEN.com.gh reported that Ghana had paid GH¢10 billion in interest obligations under DDEP, marking the sixth coupon settlement since its launch.
The Ministry described it as the second full cash payment made without any Payment-In-Kind component, signalling improved fiscal strength and solvency.
The government said at the time that timely settlements reinforced investor confidence and underscored its commitment to meeting future DDEP obligations.
Proofreading by Bruce Douglas, copy editor at YEN.com.gh.
Source: YEN.com.gh
