Vice President in charge of research at the IMANI Centre for Policy and Education, Bright Simons, has said that Jubilee House officials and members of the Economic Management Team (EMT) are opposed to individual bondholders being included in the Domestic Debt Exchange Programme (DDEP).
In a series of tweets on Thursday, the Founder and President of mPedigree also claimed that the Ministry of Finance’s decision to include individual bondholders in the Debt Exchange Programme lacks the support of even the Cabinet.
His tweets come after the Individual Bondholders Forum demanded that its members be completely excluded from the Domestic Debt Exchange Programme, claiming that their inclusion would undermine household confidence in Ghana’s financial system and securities market.
On Thursday, the Individual Bondholders Forum petitioned Togbe Afede XIV, the Agbogbomefia of the Asogli State, to assist them in obtaining an exemption from the Domestic Debt Exchange Programme.
The Convener of the Individual Bondholders Forum, Senyo Hosi, addressed the former President of the National House of Chiefs on Thursday, saying: “Together the matter is an eye red matter and for someone who has led the capital market and is one of the players who birthed the capital market, besides your royal place as the Agbogbomefia of the Asogli State, you are a pioneer in this industry, I do not want to believe this is your voice and the destination you
“So we are here to petition your office, to petition you as an individual and the state of Asogli not to sit by and watch the lives of 6.5 million people devastated and subjected to shackles of penury. So our plea here is very simple, the steps being taken by the government are unsustainable and very unnecessary.”
The Individual Bondholders Forum, led by Senyo Hosi, has advised the government to divest 17 State-owned enterprises that are loss-making, defunct, or in trouble.
Individual bondholders also suggested that the government review the Free SHS Program to make it more efficient by allowing parents who can afford to pay to do so.
According to the group, “beneficiaries should be students that patronize Senior High Schools in their communities whilst other students should pay for boarding. However, the government can pay for students who do not have Senior Secondary schools in their communities.”
According to the group, simply divesting the 17 non-performing SOEs and reviewing the free SHS will save the government two billion cedis.
The group also urged the government to maintain the 2022 capital expenditure level by cutting non-ABFA MDA and foreign finance Capex provisions by half, claiming that this would provide the 10.7 billion Ghana Cedis.
