The Convener of the Individual Bondholders’ Forum, Senyo Hosi, has urged members to reject government proposed Domestic Debt Exchange programme.
Mr. Hosi has described the programme as oppressive which will not be in the interest of the bond holders.
He bemoaned that, if the debt programme is allowed to go through, about 60-70% of individual bondholders’ investments may automatically be eroded.
Government in December 2022, hinted that individual bondholders who were previously exempted from the Debt Exchange programme will be included, extending the deadline for registration to January 16, 2023.
Speaking on Greater Accra based radio monitored by theGhanaianvoice.com, Mr. Hosi, said, “today I see people’s livelihoods eroding away, in some instances 60%-70% of their wealth is gone. Some may not even live to benefit from the current programme. It’s a very sad situation, and I’m awakened to that responsibility. What’s going on is not right, it’s bullshit, it’s oppressive. It defeats the entire process of finance”.
He also slammed the Akufo-Addo government for failing to create room for engagements.
“More importantly, even in governance, you have real lives you are impacting, and you are not creating real room for engagements, who does that? Government should open a channel for us to negotiate on the arrangements,” Mr. Hosi demanded.
An infuriated Convener of the group charged the individual bondholders to reject the Domestic Debt Exchange Programme until a good deal is offered them by the government.
“The way government is forcing people to come on board, we are also saying no to the Debt Exchange Programme. We are not your whipping cart. [President] Nana Akufo-Addo, you can’t forget that you are dealing with people’s lives. We are encouraging every individual bondholder to reject the Debt Exchange Programme, write to your fund managers to reject it. We are saying no to Debt Exchange Programme till they [government] sit down and give us a deal that makes sustainable sense for us as individuals,” Mr. Hosi said..