The Ghanaian business community continues to grapple with the aftermath of the Domestic Debt Exchange Programme (DDEP), says Nana Osei Bonsu, Chief Executive Officer of the Private Enterprise Federation.

In a recent interview on Joy News’ PM Express Business Edition, Bonsu emphasized that the private sector, in particular, remains heavily impacted by the debt restructuring initiative, and recovery is still elusive.

“We haven’t recovered,” Bonsu stated bluntly, adding that businesses are “still reeling” from high operating costs and steep interest rates. While the authorities may perceive signs of recovery, he noted, businesses are far from stable. “For businesses, we are not there yet. We are still stumbling.”

Bonsu pointed out that Ghanaian companies face stiff international competition, with local interest rates remaining significantly higher than those of global counterparts. “We’re competing on the world stage where others enjoy interest rates below 8%, while ours remain excessively high. How can we say we’ve recovered?” he questioned.

He also voiced concerns about Ghana’s role in the African Continental Free Trade Area (AfCFTA), arguing that while the country has welcomed international competitors, local businesses are disadvantaged. “We prefer non-local products, and international companies benefit from tax exemptions. What are we gaining from this, and how are we supporting local enterprises?” he asked.

The DDEP, which drained much-needed capital from private businesses, continues to weigh heavily on Ghana’s economy. Bonsu highlighted the resulting job losses and decreased productivity, with many companies still unable to fully rebound. “We didn’t endorse the debt exchange voluntarily—we had no choice. Our hard-earned interest and income were taken away,” he said, concluding that the path to recovery remains long and uncertain.