Senyo Hosi, a former CEO of the Ghana Chamber of Bulk Oil Distributors, responded to a tweet from Gabby Otchere-Darko, a stalwart of the New Patriotic Party (NPP), inviting private bondholders to join the debt swap scheme.
He said that the tweet was simply spreading panic.
Mr. Otchere-Darko tweeted on Sunday morning, "If the no-compromise opposition to it triumphs, what then has been accomplished? It may lead to national debt default. What happens to your bonds' value after that? possibly useless Low participation puts our ability to end the economic crisis and suffering in jeopardy, he added.
Mr. Hosi urged individual individuals to stand up for their rights and against what he dubbed "oppressor's tyranny," though. It is a falsehood; bullies sell fear, uncertainty, and doubt, I'm telling you. So I advise you to "shed the fear." We Ghanaians understand exactly what our national song means when it says that we should be courageous and fight for justice and freedom forever. It also instructs us on how to reject oppressors' tyranny. This is an oppressor speaking," he declared during an appearance on Sunday's episode of JoyNews' The Probe.
Fear is what our rulers "thrive on," he said, urging the bondholders to resist it. A prominent NPP figure also claimed that Ghana is in a "very tough situation."
He claimed that if the bondholders resisted the proposed program's terms in light of the nation's current economic situation, it would be deadly.
In order to help the economy as a whole, he pushed the bondholders to negotiate with the government.
"Ghana is in a really challenging situation. He tweeted on Sunday, "What we are witnessing with the mobilisation of agitation against specific bonds offers a genuine and significant risk worse than what we observed when resistance to E-Levy succeeded in upending an already precarious financial scenario from 2021.
However, Mr. Hosi claimed that the NPP had been dishonest on the terrible consequences that would follow Ghanaians' acceptance, particularly bondholders.
He said that the government's choice to carry out the initiative would not be in Ghanaians' best interests.
"The Finance Minister stated that 80% compliance is required. You will only receive somewhere between ten and eleven percent from the full mixture. You therefore still have 90% of the total, from which you are unable to extract your remaining 80%. So why do you strike people swiftly and directly? he questioned.
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