Pressure is mounting on the finance minister, Ken Ofori-Atta from all angles over government’s decision to include individual bond holders in the debt exchange programme.
Although President Akufo-Addo has promised there would be no haircuts for individual bondholders there’s now a U-turn by government.
The Ghana Individual Bondholders Forum said on Friday that bondholders will lose 88.2% of their investments at the current inflation rate if the government implements the decision.
The individual bondholders are unhappy that the President’s promise of no loss or haircut is telling out to be false.
“Great will be lost, too much is missing, everything is broken, you will not recover, your livelihoods shall be destroyed” they said in a statement.
The Nsawam Adoagyiri MP, Frank Annoh-Dompreh, who’s the latest to kick against the move in a Twitter post, said the decision is unfair and untenable.
He wants the finance minister to immediately cause a review.
“The finance minister (Ministry) must as a matter of urgency review ASAP its decision and resolution on individual bondholders. I don’t agree with them and I think it’s unfair and untenable!” he posted in a tweet.
As part of measures to sustain the country’s debt levels, government introduced a debt exchange programme.
The current structure of the programme involves the inclusion of individual bondholders.
But the individual bondholders do not want to be part of the programme.