Minority leader in Parliament, Haruna Iddrisu, says the government’s Debt Exchange Programme threatens financial institutions and insurance companies.
The Akufo-Addo government’s debt exchange programme has suffered rejection from Ghanaians.
Senyo Hosi, Convener of the Individual Bondholders Forum (IBF) said government has shown total disregard for the contractual rights of Individual bondholders and has made no effort to structure reasonable consultations with individual bondholders.
“In the process, we have been presented with painfully stark, impoverishing and unsustainable choices – a situation deeply troubling and wholly untenable. This is only possible because of the absence of effective representation and the perceived ease of oppressing a dispersed section of investors into submission,” Senyo Hosi said.
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Speaking on the Debt Exchange Programme at a press conference in Accra today, January 16, Haruna Iddrisu said the sector has not yet recovered from the recapitalization exercise that was carried out by the government.
He continued by saying that additional policies or initiatives, like the debt exchange, would put it again under a great deal of strain.
“It poses a risk to financial institutions, insurance companies, and, more recently, individual bondholders.” “The financial institutions and insurance companies offer employment and they support businesses; this is at risk now.”
The Minority Leader has also called for a suspension of the programme pending further and deeper consultations.
“Suspend the ongoing debt exchange, it is already failing and promises to be a failure.” Suspend it and engage in deeper consultation, allowing for greater transparency, in order to save the Ghanaian economy. “We demand transparency, they are simply not transparent even in the way they are managing this,” Haruna Iddrisu added.
Ghana | Atinkaonline.com | Vivian Adu