Debt Exchange: Government has enough money to settle debts – Martin Kpebu

Private Legal Practitioner, Martin Kpebu has countered government’s claim over not having money to settle debts.

To alleviate the debts owed by the country, government initiated a domestic debt exchange programme (DDE), which has affected individual bondholders.

Martin Kpebu asserted in an interview with Joy FM on Monday that, government has money to settle the debts, but has rather decided to channel the funds into infrastructure and developmental projects contained in the 2023 budget.

“I don’t believe government doesn’t have money. I have looked at the budget and straight away if I look at the projects we intend to do, I believe government can cut back,” he stated.

In consideration of these, the lawyer described the debt exchange programme, which initially excluded individual bondholders, as robbing 'Peter to pay Paul'.

“It’s not like people are asking for freebies, it is their hard-earned money that they lend to government and it is time to pay and government is like no, we don’t have money but government intends to continue certain developmental projects. You can’t rob Peter to pay Paul.” he is quoted by myjoyonline.com

Concerning that, the legal practitioner is leading some affected individual investors to engage government in negotiation. He added that a class action lawsuit against government will follow if negotiations yields no results.

A notice inviting affected individuals to join the class action suit, encouraged Ghanaians not to allow government to use its power to make them poor or deprive them of vitality.

The notice stated, “government cannot be allowed to use its might to impoverish Ghanaians.”

JB/MA