Debt operation: We don't need illegal, arrogant misappropriation of resources - Adongo

Bolgatanga Central Member of Parliament, Isaac Adongo has admitted that Ghana’s economy is in urgent need of restructuring.

He disagrees, however, that the domestic debt exchange programme announced by the Minister of Finance Ken Ofori-Atta was an illegal and unilateral process that was going to lead to undue losses to institutional investors (bondholders).

Addressing a Minority Caucus press conference in Parliament on December 7, 2022, Adongo said it was time for impacted groups to stand up to the manner in which government is seeking to restructure 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.

“The Ace Ankomahs of today are called upon to rise up and protect our country, unless their mouths are already full, this is the time to make their names. Ken will not be allowed to arrogate unto himself powers he doesn’t have to shred people’s contract,” Adongo added.

Ofori-Atta on December 6 announced that government was restructuring bonds held by institutional investors, putting them into four groups stretching 15 years. With interest also spread in four tranches in four years.

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