Pensioner Bondholders and others have been reassured by Minority Leader Cassiel Ato Forson that Parliament will act quickly to address the pressing challenges connected to the ongoing domestic debt swap program.
The Friday, February 10, 2023 meeting between pensioner bondholders and Finance Minister Ken Ofori-Atta ended without a resolution since the government argues that the pensioners should explore voluntary exemption.
The head of the opposition frontbench tweeted that the Finance Minister is scheduled to address the concerns of investors in the debt restructuring program when he next appears before the House.
“It is disheartening to see our dear pensioners including a former Chief Justice picketing at the MOF over the domestic debt restructuring. I wish to assure her & the rest, parliament is dragging the Finance Minister before us next week and we will represent their interest fully!” a tweet by Ato Forson said.
Sophia Akuffo, a former chief justice, was photographed with a group of retirees who want to completely exempt their investments from the Domestic Debt Exchange program.
Pensioner bondholders set up camp at the Finance Ministry on Friday to demonstrate against the contentious Domestic Debt Exchange Program.
Sophia Akuffo urges Ken Ofori-Atta, the finance minister, to revisit the details of the Debt Exchange Program and make changes.
Sophia Akuffo livid over the inclusion of Pensioners’ investments in the Domestic Debt Exchange programme said: “I’m encouraging people not to sign up to anything, Yes, and if need be we can all go to court”
Despite the government’s suggestion of a 15% coupon rate, the group of approximately 50 pensioners claims they will not take any haircuts on their investments.
Bright Simons, vice president of IMANI-Africa, tweeted that it looks Ghana’s drama-filled debt restructuring is over.
Analysts are eagerly awaiting the ratings that the rating agencies will give to the old bonds in comparison to the new bonds on their LTLC IDR scale, he added. Given the twists and turns so far, some head scratching is unavoidable.