Be transparent with Ghanaians on economic crisis – Otumfuo to Nana Addo

Be transparent with Ghanaians about the economic crisis – Otumfuo to Nana Addo

Asantehene Otumfuo Osei Tutu II has called on the government to be transparent with Ghanaians as the country overcomes its current economic challenges.

“The level of our debt has become unsustainable forcing the government to roll out a domestic debt exchange program that aims to restructure the nation’s debt and guarantee some fiscal space for the country to operate”.

He said, “it is sad to see that public consultation was not carried out before the program started. The nation is now in a tense atmosphere even though the government has announced the completion of the program. I want to ask the government to show high transparency and honesty in these difficult times so that trusted and trusted by the general public.

He further urged the government to bring together the best brains with the necessary expertise from various political parties, academics and civil society organizations to come up with a sound proposal to help Ghana secure a bailout that will benefit all.

“The government should be more accommodating and reach out to those who may be politically opposed, the country’s interests are the most important, and we must work together to prevent the collapse of the economy. No one can pretend not to see the difficult times we are in. But in time that’s the same, I want to encourage all of us to keep hoping.

Otumfuo Osei II said, “when we move to negotiations with our external creditors, I am asking the government to combine the best brains with the necessary expertise from all political perspectives to give the best proposal so that whatever decision the country chooses will be responsible everyone”.

Speaking at the 56th congregation of KNUST, the Asantehene encouraged Ghanaians to use their resources wisely so as not to burden the economy.

“Current economic difficulties should be a wake-up call for all of us to carefully examine our economy and implement some significant adjustments. The time has come to reduce wasteful spending and direct resources to economically productive areas in order to improve the quality of life of the people,” said Otumfuo Osei Tutu II.

The voluntary debt exchange program seeks to overcome the current economic crisis, generate macroeconomic stability and ensure sustainable growth.

According to Ofori-Atta, not implementing the domestic debt exchange program will bring “grave disturbances” in the ability to service the ballooning national debt of the country and exacerbated the current economic crisis.

On Wednesday, March 15, the government began paying outstanding coupons to individual bondholders who failed to participate in the Domestic Debt Swap program.

In a statement, the coalition of Individual Bond Holders confirmed the payment of coupons that have matured for their members, but asked the Ministry of Finance to review the management of communications and change the position to proactive engagement with creditors as professionally desired.

“While we welcome the start of payments, it is important to note that failure is inevitable.
about the payment schedule or notice date for outstanding payments is not augur well for
rebuild confidence in the financial markets.”

This comes after the Coalition of Bondholders gave the government a 48-hour ultimatum to pay all outstanding coupons or face its wrath.

President Nana Addo Dankwa-Akufo-Addo has asked the Diplomatic Corps to help Ghana get a $3 billion bailout from the International Monetary Fund (IMF).

Addressing members of the Diplomatic Corps at the Peduase Lodge on March 1, the President said with the cooperation received from the Paris Club, he is confident that the IMF deal will finally be concluded by the end of March.

“Just as we were able to reach a staff-level agreement with the Fund in record time in December of last year whose terms were systematically implemented including the difficult but ultimately successful process of the Domestic Debt Exchange Program, I believe that with the cooperation we have received from the members of the Paris Club and the People’s Republic of China, which sent a delegation from the EXIM Bank of China to Accra at the weekend to meet with officials of the Ministry of Finance, we will be able to go to the Fund Board to finalize the agreement at the end of March,” he said.

https://www.youtube.com/watch?v=/ctTfywGdnZI

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