Chief Executive Officer of Dalex Finance, Joe Jackson, has revealed that Ghana’s banking sector is continuing to rebuild its financial position following the impact of the Domestic Debt Exchange Programme (DDEP), which he says significantly weakened the balance sheets of banks and other financial institutions.
Speaking on TV3’s KeyPoints while reacting to the 2026 Mid-Year Budget Review presented by Finance Minister Dr Cassiel Ato Forson, Mr Jackson said the effects of the debt restructuring are still being felt across the financial sector.
“I’ll be the first to admit that DDEP ravaged our balance sheets,” he said.
According to him, restoring the financial strength of banks has been one of the sector’s priorities over the past year.
“Some of what has happened in the last year has been truly and honestly us trying to fix our balance sheets, small, small,” he stated.
Mr Jackson argued that financial institutions absorbed the greatest impact of the debt exchange programme compared with other sectors of the economy.
“The banks and the other financial institutions bore the brunt of the DDEP. We took a bigger haircut than everybody else. So we’re trying to build our balance sheets,” he said.
While acknowledging that opinions may differ on the pace of recovery, he maintained that rebuilding the sector remains a necessary process following the losses incurred under the programme.
“You may or may not disagree with that, but that’s part of what has happened,” he added.
