The writer
The unending show of callousness on the part of this Akufo-Addo-Bawumia-led government regarding the Domestic Debt Exchange Programme (DDEP) implementation is unfortunately legendary.
Government bonds are often viewed as the safest means of investment. Thus, those who are risk averse do select such investment options for guaranteed returns.
The ongoing DDEP for both domestic and external creditors precipitated by the deliberately unsustainable borrowing by the Finance Minister has ballooned the national debt leading to the ongoing IMF deal.
Despite the agitations from the local bondholders regarding the implementation of the DDEP, the government managed to achieve about 80% target for the domestic debt restructured from bondholders.
While the government is openly begging to restructure debt from external creditors, the domestic creditors including vulnerable pensioners are being treated with disdain and utter disrespect, and insensitivity.
The president assured Ghanaians there was not going to be a haircut, but it turned out to be a ‘headcut’ in the guise of the DDEP implementation.
The Finance Minister, Ken Ofori-Atta is notoriously known for the deliberate change of decisions and/or timelines made throughout the DDEP process until now. For instance, Ken Ofori-Atta told pensioners and the Association of Workers who have bonds with the government that they would be exempted from the DDEP implementation.
This decision was changed and pensioners were included in the end. It took a series of picketing of fragile old pensioners at the Finance Ministry before they were exempted.
Although exempted, pensioners are still finding it highly difficult to get their matured coupons as well as principal investments paid by the government.
It is so saddening to see and hear these vulnerable pensioners virtually begging for their own money given to governments as loans.
Does it have to take daily picketing of individual bondholders at the Finance Ministry before the government can consider honoring payments of their matured
coupons/loans?
Why treat your ‘fellow Ghanaians’ this way?
What crime have the pensioners committed to deserve this callous treatment from the government to delay payment of their money?
Does the government not know that these old pensioners have terminal illnesses that need to be regularly checked?
Is the president and vice-president also watching the gory DDEP-related stories of the affected pensioners in the media space?
The Finance Minister continues to put individual bondholders in pain and despair through his delayed payments.
However, Nana Akufo-Addo and Bawumia are not intervening to address the resultant difficulties of this poorly implemented DDEP as well as mobilize funds to pay those who have their 19 matured coupons and 3 matured principals as in this month.
What is being heard from the first and second gentlemen (Akufo-Addo and Bawumia
respectively) of the land is very loud silence regarding this inhumane DDEP under their watch! This is highly unfortunate!
The actions of this government show callousness and insensitivity towards its vulnerable citizens and many Ghanaians who are in excruciating general economic hardships now.
The least expected of this government is to empathize with suffering Ghanaians but not show of wickedness, arrogance, callousness, and insensitivity. Indeed, the sheer callousness of the Akufo Addo-Bawumia-led regime is legendary in the face of this ongoing DDEP implementation.
We must all rise and speak about these actions and inactions of this callous and insensitive government, which seems to be bold enough and still talking about ‘Breaking the 8’ in 2024.
I am a citizen but not a spectator as president Akufo-Addo wants us to do as Ghanaians.
