The Minority in Parliament has asked the government to tread carefully with its debt exchange programme.

According to them, the impact of the policy will be dire on the bondholders, should the government proceed with it in its current form. 

The leader of the caucus, Mr Haruna Iddrissu, addressing a press conference in Parliament on Monday, said the programme is not just about investments but lives and livelihoods. 

The Tamale South MP thus urged the government to immediately suspend the programme and engage thoroughly before proceeding with it. 

“It is on this score, that we the NDC Minority Group calls on the Nana Addo /Bawumia Government to immediately suspend the ongoing Debt Exchange Programme. 

“There should be deeper consultation and greater transparency about Ghana’s total debt and its management. 

“The Nana Addo /Bawumia Government cannot continue to manage Ghana’s economy like a private entity. 

“Ghanaians deserve to know how much is involved and how long the debt exchange will take. It is not just about people’s investment, but it is much more about people’s lives and livelihood,” he said. 

Government, in its quest to rescue the economy and secure a deal with the International Monetary Fund (IMF), 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 subsequently 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.

Some of the aggrieved bondholders, who recently interacted with JoyNews have thrown their hands in despair, with others contemplating suicide.

The affected investors say with government’s intended management of their bonds, they may not even be able to meet their expenses such as rent, feeding and the payment of fees for their wards.

They have therefore called on government and other relevant stakeholders to intervene in the matter.