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Debt Exchange Programme: Support it or Ghana suffers - Sylvester Tetteh to critics

CEO Of The National Youth Authority NYA Sylvester Tetteh Member of Parliament for Bortianor-Ngleshie-Amanfrom, Sylvester Tetteh

Sun, 22 Jan 2023 Source:

Member of Parliament (MP) for Bortianor-Ngleshie-Amanfrom, Sylvester Tetteh has appealed to Ghanaians, particularly holders of bonds, to agree and support government's amended Domestic Debt Exchange Programme (DDEP).

Ghana’s government, in a bid to mitigate an economic crisis, has negotiated a staff-level agreement for a $3 billion loan package from the International Monetary Fund. The IMF has said that its board will approve the deal only if Ghana undergoes comprehensive debt restructuring.

This debt exchange programme which, when implemented will affect bondholders and pensioners in that, in the case of the bondholders, there will be zero benefits for them and the pensioners are also going to have to postpone collection of their pensions has generated lots of controversies.

Pensioner Bondholders Forum has petitioned the government to exempt their members holding sovereign bonds from the programme and Individual Bondholders’ Forum (IBF), a voluntary group of individual bondholders, is requesting a review as well.

But to Hon. Sylvester Tetteh, opposing the programme will not augur well for the country and will have dire consequences in the future.

Speaking on Peace FM's "Kokrokoo" discussion programme, the MP told host Nana Yaw Kesseh that Ghanaians must rally behind the government ensuring the programme is effectively rolled out, stressing it is better for them to bear the burden today than face a worse situation in the offing.

" . . we should be mindful of people who want to run the system down for the sake of their political interest or political expediency and deceiving people making it seem we can't solve the problem, because when there is a problem, it requires cool heads that we will solve those problems. But if we don't do that, the only thing those people are seeking is there will be change of government. But if you change the government with this same problem, where are you going?", he stated.

He added; "I think we must all endeavor to support the system. When Ghana is well again, your small investment will have value than your huge investment in a collapsed economy. I don't think any Ghanaian would like to travel that journey."

He also advised the citizenry to note that this is "no longer NPP/NDC matters but it is all of us, as Ghanaians, and our common destiny and our future put together, otherwise we will continue to do extreme partisanship but it is the country that suffers".

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