Former Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi has reacted to a tweet by the New Patriotic Party (NPP) Stalwart, Gabby Otchere-Darko urging individual bondholders to sign onto the debt exchange programme.
He stated that the tweet amounts to fear-mongering.
On Sunday morning, Mr. Otchere-Darko tweeted, “If the no-compromise opposition to it wins, what then has been achieved? It may lead to national debt default. So what then happens to the value of your bonds after! Potentially worthless. If participation is low, we jeopardize resolving the economic crisis and hardships”, he wrote.
However, Mr. Hosi called on individual bondholders to resist what he called “oppressor’s rule” and fight for their rights.
“It is a lie, I tell you this is what bullies do, they sell fear, uncertainty and doubt. So I tell you #dump that fear. We are Ghanaians and we are clear on what our national anthem tells us – it tells us that we should be bold and defend forever the cause of freedom and of right …and help us to resist oppressor’s rule. This is an oppressor speaking,” he said in an interview on JoyNews’ The Probe on Sunday.
He encouraged the bondholders not to succumb to fear, adding that “fear is what our oppressors thrive on.”
The leading member of NPP also asserted that Ghana is in a ‘very difficult place.’
According to him, looking at the country’s present economic crisis, it will be fatal for the bondholders to resist the terms of the proposed programme.
He, therefore, urged the bondholders to reason with government to collectively restore the economy.
“Ghana is in a very difficult place. What we are seeing with the mobilisation of agitation on individual bondholders poses a real and serious risk worse than what we witnessed when opposition to E-Levy succeeded in derailing an already shaky macroeconomic situation from 2021”, he tweeted on Sunday.
But Mr Hosi said the NPP has not been honest about the dire implications that would befall Ghanaians, especially bondholders, should they accept the debt exchange programme.
According to him, the decision made by government to implement the programme would not serve the best interest of Ghanaians.
“The Finance Minister has said that he needs 80% compliance. This entire mix will just take you around somewhere ten or eleven percent. So you still have ninety percent, within which you can’t get your eighty percent. So why do you go direct and hit individuals instantly?” he asked.
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