Debt Exchange: Review the decision on individual bondholders; it is not fair to them – Annoh-Dompreh to Ofori-Atta
New Patriotic Party (NPP) Member of Parliament for Nsawam Adoagyiri, Frank Annoh-Dompreh has asked Finance Minister Ken Ofori-Atta to review the decision to include individual bondholders in the Domestic Debt Exchange programme.
He explained that the individual bondholders were unfair and untenable.
“The Minister of Finance (Ministry) should quickly review the decisions and resolutions regarding individual bondholders. I do not agree with him and I think it is unfair and impossible! Look at your decision now,” said the Chief Majority Whip.
The debt swap program announced by Mr. Ofori-Atta has been rejected by Ghanaians.
For example, the Convener of the Individual Bond Holders Forum (IBF) Senyo Hosi, said about the program, in an unfortunate oppressive manner, the government has ignored the contractual rights of Individual bond holders and did not seek to make sufficient consultation with individuals. bondholders.
In the process, the IBF said, Ghanaians have been presented with a very difficult, impoverished and unsustainable choice – a disturbing and untenable situation.
This is only possible because there is no effective representation and it is easy to oppress the scattered sections of investors,” Hosi’s statement said.
The Government of Ghana (GoG) has announced that under the Domestic Debt Exchange (DDE) programme, individual bondholders must submit a “voluntary” agreement to exchange their domestic bonds for the new benchmark bonds.
This arrangement, according to the IBF, irrevocably takes away the wealth and livelihood of direct and indirect bondholders whose only crime is trusting their government.
Linked to this is a mandatory deadline that forces holders to accept the government’s offer or risk the threat of costly losses, the Forum added.
He asserted, “In an oppressive manner that is not satisfactory, the government has ignored the contractual rights of individual bondholders and has not sought adequate consultation with individual bondholders.
“In the process, we were given a very difficult, poor and unsustainable choice – a disturbing and impossible situation. This is only possible because there is no effective representation and it is easy to oppress the dispersed part of investors into submission.
The Individual Bondholders Forum (IBF) is a voluntary group of individual bondholders established with a defined governance structure to coordinate and defend the interests of individual bondholders regarding the DDE program and participate in the GoG.
By Laud Nartey/3news.com
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