The Minority caucus in Parliament has succeeded in getting the Finance Minister, Ken Ofori-Atta, to submit the House the Domestic Debt Restructuring Plan for discussion.
The motion was introduced by Cassiel Ato Forson, Minority Leader, Governs Kwame Agboadza, Bawku Central MP, Mahama Ayariga, Bolgatanga Central MP, Isaac Adongo, and Rockson-Nelson Dafeamekpor, MP representing South Dayi.
Mr. Ofori-Atta appeared in Parliament in February to inform the House of the domestic debt exchange programme.
The action was required after the Minority Caucus sought policy specifics on the DDEP in response to pensioners picketing at the Ministry of Finance requesting exemption from the programme.
The voluntary debt exchange program aims to address the present economic crisis, restore macroeconomic stability, and ensure long-term prosperity.
According to Ofori-Atta, failing to carry out the domestic debt swap scheme would have resulted in “severe disorder” in the country’s ability to service its increasing national debt and aggravated the present economic crisis.
“The domestic debt exchange scheme is being implemented to assist preserve the economy and improve our ability to efficiently service our public obligations.”
In a previous interview, Mr. Adongo stated that it is unlawful for the President and his Finance Minister to assign the authority to carry out a debt restructuring scheme without consulting the people.
The Bolgatanga Central member stated on Accra-based Citi FM that “restructuring the debt of this nation is too enormous for one individual to handle without taking the input of the people into consideration, which is why we want it presented before Parliament for approval.”
He added that “the president even knows that he doesn’t have the power to take some decisions without the approval of Parliament. The mandate of the people resides in Parliament and the President and the Finance Minister need to come to Parliament to seek approval because, without that, it has long-standing implications on the sovereignty of Ghana.”
