Exclude Us From Debt Exchange Programme– Individual Bondholders Petition Parliament | Parliament

The Ghanaian Individual Bondholders Forum has asked parliament to exclude members from the government’s domestic debt swap programme.

The forum is part of a group that is seriously opposing the government’s decision to give bondholders a haircut under the debt restructuring initiative.

The forum consists 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 securities mentioned above said the announcement of the program. “has been very unsettling and catastrophic for our members” and asked that they be excluded.

Like other individuals and unions that have kicked against the program, the Individual Bondholders Forum says its members were not consulted before announcing the program.

More than 10,000 bondholders have joined the campaign against the controversial debt swap, calling on Parliament to bail out 1.3 million Ghanaian individual bondholders who have been shortchanged in the domestic debt swap programme.

“We are not aware of any Parliamentary approval, direct or indirect, that the DDE manager has been authorized to make unilateral decisions on financial arrangements that are originally binding contracts. If this is the case, your office will apply the principle of a fair and impartial hearing to both parties, in this case, Individual Bondholders and assigned the DDE program to correct their position. Suffice it to say, this is the basic approach adopted in other jurisdictions that have dealt with creditors in the domestic debt exchange program. Parliament in its true representative nature does not only consider the overall national interest, but it will also ensure that citizens are protected from decisions that the executive cannot make.

“The Parliament of Ghana may be liberal in approving an expansionary national budget even in the face of austerity. However, we also know that there is no need to underestimate the executive especially when it comes to accountability. Gentlemen, do not let it be said that during your leadership, you see when the constituents who are on duty especially for the country is service and love through hard work and taxes impoverished by executive fiat. Your constituents will not fear their representatives. Save people.

“Finally, we would like to state that in our group there are people who have technical and policy skills and are willing to help the government explore possible options without harming the interests of Individual Bondholders,” an excerpt of the petition reads.