Debt exchange program can eliminate the middle class – Kyei-Mensah-Bonsu
The Majority Leader, Osei Kyei-Mensah-Bonsu, has warned the Minister of Finance, Ken Ofori-Atta, that involving individual bondholders in the Domestic Debt Exchange program could eliminate the middle class and affect the saving culture of Ghanaians.
Speaking to a group of individual bondholders led by the convener, Senyo Hosi and private legal practitioner Martin Kpebu after a petition to exclude individual bondholders from the debt exchange was presented to him on Friday, MP Suame called on the Minister of Finance to engage with the mayor. stakeholders.
“What are we [are] talking about it, many of these bondholders also belong to the middle class and where is the main concern. If we eliminate the middle class, it could be dangerous, so we have to talk about it.
“The government thinks that this is the best way forward, but, even if it is, we have to participate, think and then move on and it will encourage some people who are hesitant to respect our place.”
“Nothing can replace discussion, round table discussion and involvement everywhere. I think it’s important that we go back to the drawing board to have involvement with the main stakeholders…All of us are there. And if we don’t manage it well, we have experienced this before, about 25, 30 years ago and repositioning was the main difficulty.
“Today many people are coming and if this happens, how do we build trust and confidence and rebuild a new culture of savings?”
The New Patriotic Party Member of Parliament for Nsawam-Adoagyiri, Frank Annoh-Dompreh, on Saturday, January 14, also called on Ken Ofori-Atta to urgently review his decision on the inclusion of individual bondholders in the domestic debt exchange. program.
In a tweet, Majority Whip Chip described Ken Ofori-Atta’s decision as “unfair” and “unworkable” and added that he did not agree with individual bondholders in the debt swap program.
The Ghana Individual Bondholders Forum is petitioning the Minister of Finance, Ken Ofori-Atta to exclude members from the government’s domestic debt exchange programme.
The forum is one of the groups that have kicked hard against the government’s decision to give bondholders a haircut under the debt restructuring initiative.
The forum is made up of people who have investments in Ghana Government Local Cedi Bonds, Ghana Government Local USD Bonds, ESLA PLC Bonds, Daakye Bonds, Ghana Eurobonds, and Collective investment schemes with investments in the above securities said the announcement. program “has been very unsettling and catastrophic for our members” and asked that they be excluded.
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