The Vice President of policy think tank, IMANI Africa, has lambasted government over its handling of the debt exchange programme.
Kofi Bentil said government has been arrogant in its approach to the exercise and must be called out.
In a Facebook post on Saturday, Mr Bentil said the bondholders have a right to their monies and must be respected.
According to him, there were serious consultations in all the other countries that have undertaken the exercise successfully.
“It took Jamaica 30 months. It took Barbados 18 months. It took Grenada 30 months. It is NOT simple because you are asking people to hand over their property to you. YOU CAN'T STAMPEDE THEM!,” he posted.
Mr Bentil in the said Facebook post added that Finance Ministry has failed to coordinate with the creditors involved.
“The Finance Ministry has failed to pay the costs of coordinating local creditors and co-creating the solution with them. Everywhere we have seen a successful debt restructuring, that is what the government did. Bar none!” he added.
Background
In a bid to rescue the economy and secure a deal with the International Monetary Fund (IMF), government has proposed that all bondholders will not receive any interest on their bonds for the 2023 financial year.
The payment of dividends, according to government is likely to begin next year, 2024 at a discounted rate of 5%.
In relation to this, bondholders who may want to transfer their bonds will not be able to get the full principal they initially invested as bonds.
This proposal, since its announcement, has been rejected by many bondholders who have expressed frustration about the development.
In their view, if the proposal is implemented, they will suffer a great deal of loss, with many of them stating that their investments may even become unprofitable.
Latest Stories
-
LPG Marketers Association kicks against NPA’s $80 per metric ton levy on LPG
8 seconds -
We need a comprehensive review of Ghana’s financial regulations – Dr Alhassan Andani
5 mins -
Court dismisses injunction against NBA for approving registration of 14 new GM crops
14 mins -
Penalty for companies not filing returns increased to GH¢1k from May 1
25 mins -
Ejisu By-Election: Results so far
31 mins -
Ejisu By-Election: And the winner is…
1 hour -
Dumsor: Businesses could collapse if situation is not resolved – Ghali
1 hour -
Ejisu by-election: NPP will do everything possible to win – Kingsley Nyarko
1 hour -
‘White envelope’ incident was unfortunate – Political Science lecturer
2 hours -
NPP will always win Ejisu elections – Paul Yandoh
2 hours -
Manhyia Palace Museum comes alive in May by showcasing restored Asante treasures
2 hours -
NPP win in Ejisu by-election will signal Bawumia’s triumphant victory in 2024 polls – Richard Ahiagbah
2 hours -
Presidents must respect Chiefs, says historian
2 hours -
Deloitte 2024 Technology, Media and Telecom predictions: Experts upbeat about impact of economy
2 hours -
Treat Ghana’s challenges seriously, not like topics in SHS debate – Suhuyini advises Bawumia
2 hours