In light of what he sees as economic mismanagement on the part of Ghana’s finance minister Ken Ofori-Atta, Yapei/Kusawgu MP John Jinapor has voiced his displeasure with Ofori-Atta.
On Thursday, February 16, 2023, after the finance minister briefed Members of Parliament on the debt exchange programme, a lawmaker said on the floor of Parliament that the minister’s decision to include some individual bondholders in the Domestic Debt Exchange Programme (DDEP) is no different from the Menzgold Ponzi scheme that hit the country a few years ago, perpetrated by Nana Appiah Mensah, also known as Nam1.
He says that the fact that the finance minister is in charge of DDEP is not only unfair to bondholders but also bad for people who own government bonds. He also says that the program is hurting trust in the financial sector.
“When you digest all these, what does it mean, the most important thing? What has the finance minister told the people of Ghana, Mr speaker I submit simple. If you evaluate what the finance minister is doing, and evaluate what NAM 1 of Menzgold did, the two are synonymous and the same. There is no difference”, he said.
Menzgold Ghana Limited was a fraudulent gold dealership and investment firm that promised customers an average of 7-10 percent monthly returns on investments. It was subsequently shut down by the Government of Ghana. It was founded by Nana Appiah Mensah.
The government claimed that if the debt exchange program were not implemented, the economy would collapse. To make its debts manageable and win Board Approval for a US$3 billion bailout from the International Monetary Fund (IMF), the programme was put in place as a key conditionality.
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Source – Tru News Report
