Senyo Hosi, the convener of the Individual Bondholders Forum, has stated that the government does not need individual bondholder involvement in the domestic debt swap scheme.
He claims that data from the Finance Ministry shows that about 11% of all Ghanaian government bonds are held by individual bondholders and collective investment plans, therefore excluding individual bondholders would not have the negative effects that certain government spokespeople have predicted.
The Finance Ministry has previously said that the domestic debt exchange scheme required around 80% of bondholders to subscribe.
So, why are you trying to earn 6.5 million dollars a year? How did they treat you? Since 2017, they have trusted you to handle their taxes. If you have mishandled or failed to maximise their money, you have gone to them and asked them to pay more. They have also agreed that we would pay more. But now that we've done all of that, do you really want to reach into our pockets? Why, I mean?" He mentioned that on PM Express on JoyNews.
Senyo Hosi has maintained his requests for individual bondholders to be completely spared from the procedure in order to protect the 6.5 million Ghanaians whose livelihoods would be directly impacted by the government's proposal.
In the interim, Ken Ofori-Atta, the finance minister, has called the Ghana Individual Bondholders Forum to a meeting on January 18, 2023.
This is in response to a petition to the Minister asking that some members be kept out of the government's domestic debt swap scheme.
The forum, which is made up of investors in the Ghana Eurobonds, Ghana Local Cedi Bonds, Ghana Local USD Bonds, ESLA PLC Bonds, Daakye Bonds, and other securities, among others, claims that the introduction of the programme has been disastrous for its members and other parties impacted.
The group claims that the programme is among the worst debt restructuring procedures ever proposed and that if it is permitted to be implemented, it would cause its members to become impoverished.
Once more, the majority of its members have criticised the administration for omitting to consult them before including their subsequent amendment to the policy.
blogpay
Total Comments: 0