Ghana Finance Minister, Ken Ofori-Atta announce say all pensioners who refuse to join de domestic debt exchange program go be exempted from de program.
Govment invite individual bold holders say make dem leave dia old bonds for new bonds under de Domestic Debt Exchange Programme (DDEP), but de pensioners oppose de move by govment.
Finance Minister Ken Ofori-Atta talk when he dey address Parliament on Thursday on de Domestic Debt Exchange Programme.
“All pensioners who no participate in de debt exchange be exempted,” he talk.
Why pensioners picket for Finance ministry
Pensioners for Ghana gather for Ministry of Finance starting Monday, February 6, 2023 to protest against govment debt exchange program wey affect dia individual bond investments.
De pensioners talk say most of dem dey need dia monies for medical care, dem no want turn burden on dia families.
De initial decision of govment to keep dia monies for some time mean say dem no go get money for medical care or dia daily upkeep, which dey like “death sentence” on dem.
“Some of us get medical issues which wey dey take care of wit de bonds wey we invest wit govment” Dr Adu Anane Antwi, Convener of de pensioners talk BBC Pidgin.
Govment secure 84% success rate
Finance Minister, Ken Ofori Atta also talk parliament say govment officially close de Domestic Debt Exchange Programme on Monday, February 13, 2023.
He reveal say dem successfully swap GH₵82,994,510,128 worth of old bonds from a possible GH₵ 97,749,624,691 under de domestic debt exchange programme.
According to him, dis amount dey represents 84.91% success rate of de programme, which be more than dia target of an 80 percent participation rate.
Ghana govment Debt exchange programme
Ghana govment dey ask local bond holders to accept losses on interest payments as part of move to restructure dia debt so say dem go fit secure loan facility from International Monetary Fund (IMF).
Finance Minister, Ken Ofori Atta bin announce de launch of de Ghana Domestic Exchange Programme in order to reduce de impact of economic hardship on investors wey dey hold govment bonds.
For di plan, existing domestic bonds as of December 1, 2022 go be exchanged for four new bond maturity period.
Under de new debt exchange programme, govment dey ask bondholders to exchange dia instruments for new ones which go mature in 2027, 2029, 2032 Dem 2037.
