March 24th , 2023



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2 months ago

Gabby Otchere-Darko, a private solicitor, has made some suggestions on the effects of the government's debt swap scheme.

There would be some shared grief, he claimed.

In response to a tweet from the Finance Ministry on extending the deadline for the debt swap scheme, the NPP stalwart made this claim.

"4 main problems/evolutions here: The government is including representatives of many groups. 2. The debt swap scheme has no reliable alternatives. 3. The protection provided to individual bondholders should be far better than it is. 4. There will still be some suffering that is shared.

The statement made by Mr. Otchere-Darko links to one he made previously in which he recognised the difficulties the nation is now facing.

He stated that Ghana is in a "very terrible situation" in a tweet from Sunday.

Given the country's current economic situation, many Ghanaians have also expressed support for the viewpoint.

Ghana is now negotiating an agreement with the IMF to help revive the struggling national economy.

If accepted, the agreement will assist Ghana in properly balancing its finances and predicting greater economic prospects.

However, Mr. Otchere-Darko asserts that this is only feasible if everyone supports the government's domestic debt swap scheme. Therefore, he has been pleading with individual bondholders to support the government in order for the programme to be implemented successfully.

However, the program's implementation date has been extended to allow for more in-depth stakeholder dialogue.

The Minority in Parliament has demanded that the entire programme be suspended in the meantime.

At a news conference on Monday, the Minority Leader, Haruna Iddrisu, stated that the program's existing form will make Ghanaians' lives worse, necessitating the need for the President to delay it and seek more advice.

"We, the Minority Group of the NDC, demand that President Nana Addo Dankwa Akufo-Addo immediately halt the present debt swap scheme. He emphasised that it was already failing.

He also emphasised in his contribution that if the current policy is put into effect, it would have terrible effects on individual bondholders who are already struggling due to the economic crisis.

While urging the suspension, he also pointed out that if the scheme is carried out, it will stunt the financial sector's expansion, which might result in its complete collapse.

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