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The NDC Minority Group calls on the Nana Addo and Bawumia Government to immediately suspend the ongoing Debt Exchange Programme.
Minority in Parliament in their press conference today says ,there should be deeper consultation and greater transparency about Ghana’s total debt and its management. The Nana Addo and Bawumia Government cannot continue to manage Ghana’s economy like a private entity.
According to minority leader Hon. Haruna Iddrisu ,Ghanaians deserve to know how much is involved and how long the debt exchange will take. It is not just about people’s investment, but it is much more about people’s lives and livelihood. The Nana Addo and Bawumia Government should suspend the Debt Exchange Programme now!
It is trite knowledge that substantial number of moneys in financial institutions come from private individuals. It is, therefore, highly reprehensible for the finance minister to say that financial institutions will be affected by the debt exchange programme but individual bonds holders will not be affected. What kind of warped logic is this?
The failure of the Nana Addo and Bawumai Government to fully engage the relevant stakeholders in the Debt Exchange Programme has led us to this confused state and implementation challenges.
The Debt Exchange Programme is a risk to financial institutions and to insurance companies. “Our banks and other financial institutions are still reeling after the infamous financial sector bailout. The Debt Exchange Programme will further exacerbate the already perilous financial sector”.
The last thing Ghanaians would want is a total collapse of the financial sector by a government which went haywire on a borrowing spree. The future sustainability of our insurance companies cannot be guaranteed under this poorly crafted Debt Exchange Programme.
Indeed, the Debt Exchange Programme as proposed and implemented now cannot be in the interest of our financial institutions and insurance companies. It certainly is not in the best interest of Ghanaians.
By Enock Baffoe/uniquenewsgh.com
