Debt operation: Investors' US$100bn being risked for IMF's US$3 billion - MP projects

Bolgatanga Central Member of Parliament, Isaac Adongo has explained that the current debt restructuring whiles required is not being properly pursued by the government.

He claims that the domestic debt restructuring programme announced by Minister of Finance Ken Ofori-Atta will destroy funds of investors far in excess of how much Ghana is seeking from the International Monetary Fund (IMF) – i.e. US$3 billion support.

“We cannot in the search for US$3 billion from IMF destroy over US$100 billion of Ghanaian resources, that will not happen. And I want to serve warning that investors, the banks, the Pension Funds and the fund managers should know that the Bank of Ghana is not their friend,” he said during a press briefing at Parliament on December 7.

He stressed that other regulatory bodies like the Securities and Exchange Commission (SEC), the National Pensions Regulatory Commission (NPRA) and the National Insurance Commission (NIC) were all in bed in with government to destroy shareholders’ resources.

He stated further that the Minority in Parliament was urging stakeholders to rise up and seek to reclaim their positions and their investments.

“We agree that Ghana needs restructuring but not an illegal, unilateral and arrogant misappropriation of people’s resources. This is the time to call on those activist investment lawyers, those vigilante lawyers to step up and claim their place in the fight to rescue this country,” he stressed.

Ghana is currently facing economic headwinds with a domestic debt programme facing opposition from stakeholders - largely from institutional bondholders.

Government is hoping to close a deal on debt restructuring at home in order to be able to access an International Monetary Fund, IMF, facility to support the failing economy.

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