The government has been encouraged to further extend the January 16 deadline by an economist and finance professor with less than 24 hours left until the deadline for enrolment in the Debt Exchange Programme.
Prof. Godfred Bokpin requests that the government propose an improved scheme over the one it is now offering.
Even while the government wants to restore macroeconomic stability, he claims that it shouldn't be done at "huge expense and maybe permanent damage to the private sector and households."
"Our only option is to petition the government. It's software that we can control. He said on The Probe on Sunday, January 15, "As much as possible, the government could extend the deadline and present a slightly more accommodative proposal in a consensus-building manner that may even be possible and appealing to individual bondholders in a certain way that allows all of us to share the burden."
Government should do this, according to the finance professor, in the "interest of country development that we are able to bring everyone along."
He contends that in order for the government to maintain its debt and reestablish economic stability, Ghanaians must also be willing to accept some degree of debt restructuring.
"As I've already stated, the current fiscal situation prevents the government from meeting its financial commitments as they become due without making significant adjustments to its expenditure and income policies as well as the financing mix.
"So, in order for us to get out of this collectively, Ghanaians need be prepared to accept a certain degree of debt restructuring."
Individual bondholders have already strenuously objected to them being included in the debt sustainability criteria. The Pension Forum and other organisations are opposed to the programme. Both the majority and the minority parties in parliament have called for increased stakeholder involvement in the programme.
Prof. Bokpin is also dissatisfied with how the government is handling its debt.
He emphasised how "a little more painful" the government's strategy is than the amount of losses anticipated by the populace.
"Despite the fact that we are operating under democracy, we appear to be under military control. You cannot trample on people's investments and property in a democracy where everyone owns property, as we are currently doing.
He stated that in this situation, the government must work with stakeholders to reach a compromise.
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