Legal Practitioner and the Founder of Danquah Institute, Gabby Asare Otchere-Darko, has said the country is in a very difficult place regarding the Debt Exchange Programme.
According to him, what we are seeing with the mobilisation of agitation on individual bondholders poses a real and serious risk worse than what we witnessed when opposition to E-levy succeeded in derailing an already shaky macroeconomic situation from 2021.
In a series of Tweets on Sunday afteroon, he said the debt exchange programme is voluntary for individual bondholders but a very necessary evil for our economy.
"Its success is critical to restoring macroeconomic stability, securing an IMF programme. It hits those of us holding bonds very hard. A straight no to it is no solution," he said.
"I'm sorry but we have to face the hard/painful truths. We a'int sitting pretty. Our focus must be on how the burden to individual bondholders may be possibly eased; but not to take the hardline position of simply saying no to participation. It will come back to hit us harder!" he added.
Source: Peacefmonline.com
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With All Due respect BOND Financial Services I want my money back I put my money there before NPP kraa . Charle not a cent should leave it . And to Gabby & Co you guys better go and raise the money from your cronies because we all know say your guys 4 p3 can give Ghana 3 billion but the issue is how prudent is this government? Charle the youth they watch you ohh. Herrrh No Body Enjoyed so much goodwill like your government you have squandered it all. The companies are all bankruptcy they can't pay taxes. FDI is also scared of Ghana.
Now the so-called competent people cannot secure an IMF deal. Shameful people we are now witnessing the traits of the typical akyem people pride, arrogance, greed and insensitivity.
What policies have these NDC ***barred word*** not opposed I this country - national health insurance, free shs, national ID, cedi redomination, e-levy, national cathedral etc? All they care about is how to get NDC back to power to continue their loot and share. And they are being enabled by these half-baked think tanks. If somebody owes you and he tells you he is almost broke so let's come up with a payment plan so that he can pay you over time and you don't agree it is up to you. In any case, If we were a serious country we would not be paying exgratia to ndc and npp mps after every 4 years whether or not they were coming back to parliament. No other country in the world does this. Ghana is going to default and we are going to be like Sri Lanka. Maybe that is good afterall, we can finally have the perfect crises that will allow us to get ride of this ndc npp political class and reset the system.
You borrowed your way through to have free SHS succeed. No doubt you were fo0lish in your policy. You should have had the ordinary Ghanaians who could pay, pay. Tou never listened. Not only that, you have all enriched yourselves very well with your corrupt practices. Now what?
You borrowed poor people money through bonds and stole the money through corruption and stealing and now that the noose is tightening your necks your want the same poor people surrender their lifeline. In fact it is dangerous for Akuffo Addo government to go on that tangent. This is akin to Ponzi scheme perpetuated by the government itself.
All what individual bond holders are asking for is exclusion from the DDE programme; after all, the finance minister said we'll not be affected in his December 4th & 5th 2022 press statements, and i believe that decision was based on data available to him at the time. Government cutting the size of its ministers and other political appointees, coupled with the recent increase in taxes, would create financial space for the servicing of its debt and also for executing important and necessary developmental projects.
Gabby, didn’t u know that the reckless and excessive borrowing could bring us to this situation. You guys do not respect Ghanaians and taken us for granted.