You can't arrogantly ignore the concerns of bondholders – Minority to government

The Minority Leader in Parliament, Haruna Iddrisu, has asked President Akufo-Addo not to ignore the public outcry against the implementation of the Debt Exchange Programme.

He has therefore asked him to consult exhaustively on the way forward.

In his view, the government that borrowed the country into the financial ditch, cannot arrogantly ignore the concerns of bondholders.

He said this government cannot also go ahead to implement the programme when the majority of bondholders have opposed it.

He said the President would be disrespecting public opinion at his own political peril if he fails to give room to the opposing views.

He stressed that the proposed debt exchange programme was about people’s livelihood and the government owes a duty to consult widely on the matter.

“It is about people’s lives and livelihoods, let them be reminded that even the accompanying legislation on investment in bonds require that 75 percent of it be invested in those government treasuries.

“The state of our economy as I have stated, the economy which is standing in default to its creditors both domestic and international, we are witnessing –to paraphrase the words of Nana Addo Dankwa the President- a rapidly depreciating currency, hyper-inflation and rising interest rates, excruciating cost of living and we have no fear of contradiction as a minority to say that there is considerable economic hardships in our country better than it was in January 2017.

“You know in the 2020 elections in particular, the consigned fiscal discipline to the dustbin and resorted to high expenditure, populist and misguided programmes which has contributed immensely to the accumulation of Ghana’s current unsustainable public debt.

“The indubitable but dire consequence of this irresponsible and reckless borrowing is what is now affecting all of us, including banks, insurance companies, individual bondholders.

“Even when it became abundantly clear that an IMF programme was the surest way to halt the decline of the Ghanaian economy and restore badly needed investor confidence, you recall Alhaji Dr. Bawumia and his economic management team preferring instead to sell a dubious narrative that they have capacity to resolve the challenges without external interventions and that they would not go to the IMF.”