I won't invest in Ghana again, DDEP taught me a lesson - CDD-Ghana fellow

The former Minister for Finance, Ken Ofori-Atta launched Ghana’s Domestic Debt Exchange Programme with the hope of restoring the nation’s capacity to service its throat cutting overwhelming debt.

At the launch of the program, former Finance Minister, Ken Ofori-Atta said the objective of the Programme is “to invite holders of domestic debt to voluntarily exchange approximately GH¢137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.”

However, Dr. Kwame Asiedu Sarpong, a Fellow at the Center for Democratic Development (CDD-Ghana) and a pharmacist, expressed concerns over how the government’s Domestic Debt Exchange program has affected his investment in the country.

In an interview with Kumasi-based Abusua 96.5FM with Kojo Marfo, Dr. Sarpong explained that the Domestic Debt Exchange program resulted in him losing a staggering £19,000.

He said “I invested £41,000 and lost more than £19,000. I received £22,000, which is 54% of my initial £41,000 investment,” he cried out.

Meanwhile, Ken Ofori Atta at the launch reiterated the Government’s assurances that there will be no haircut on the principal of bonds and Treasury Bills, against rumours that investors are well on their way to losing their investments in a debt restructuring drive to be soon undertaken by the Government.

Dr. Sarpong also noted that the depreciation of the Ghanaian cedi further impacted his investment.

“At the time I made the investment, £1 was just around 8-9 cedis, but when the restructuring occurred, and I lost the money, the pound was trading at GH¢14.8, resulting in a £19,000 loss,” he stressed.

Vows to avoid future investments in Ghana

Reflecting on his experience, Dr. Asiedu Sarpong vowed not to invest in Ghana again. “With my experience and loss of money, I won’t invest in Ghana again,” he emphasized.

Criticism of economic management and political leadership

Dr. Asiedu Sarpong also criticized the head of the Economic Management team and the Presidential candidate for the ruling New Patriotic Party, stating, “While our economy is in turmoil, the man in charge is searching for the steering wheel.”