Debt Exchange: Upper middle class will look for investment options abroad - Bright Simons

Vice President of IMANI Africa, Bright Simons, has said many people in the upper middle class in society will now look for investment opportunities abroad to secure their funds.

The move, he said will cause more harm than good to the ailing economy.

In a tweet sighted by GhanaWeb Business, Bright Simons said, “Folks all fired up about how the economic situation will now push upper middle class folks to join the political fray for more accountability. Sorry to burst your bubble, but it will just push them to look for more investment options abroad, causing more economic [problems] for Ghana.”

His comment comes after Majority Leader in Parliament, Osei Kyei-Mensah-Bonsu, urged government to engage in further dialogue on the implementation of its domestic debt exchange programme.

According to the majority leader, the programme requires more engagement as it has the potential of wiping away the country’s middle class.

Government of Ghana is seeking to revive the economy through a $3 billion International Monetary Fund loan.

As part of its efforts to meet the conditions required for the loan, government has announced a domestic debt exchange programme aimed at varying the terms of existing government bonds.

Meanwhile, goverment has extended the deadline for the expiration of the debt exchange programme to January 31, 2023.

But the Minority in Parliament has asked government to as a matter of urgency suspend the debt exchange programme.

Folks all fired up about how the economic situation will now push upper middle class folks to join the political fray for more accountability. Sorry to burst your bubble, but it will just push them to look for more investment options abroad, causing more econ wahala for Ghana.

— Bright Simons (@BBSimons) January 15, 2023