Martin Kpebu, a private attorney, has called the government's debt swap scheme a "weapon of mass devastation."
Kpebu's depiction follows the negative effects that several opponents and experts had expected the programme would have.
The unconventional attorney underlined his opposition to the suggested policy on Joy FM's lunchtime bulletin on Wednesday.
He claims that he and other worried individuals will keep up the pressure on the government to halt the scheme, which they claim would make life worse on individual bondholders.
"We continue to support the "no-no-no-no." Therefore, we humbly request that the government exclude individual bondholders from this scheme.
As I've repeatedly said, the program—the domestic debt swap program—has been shown to be a weapon of mass devastation.
"It [the debt swap scheme] is going to kill more people and damage more enterprises," Mr. Kpebu warned. More schools, livelihoods, and other things will be destroyed by it.
Martin Kpebu, the legal counsel for the Individual Bondholders Association of Ghana, expressed his disappointment with the Finance Ministry's delay in announcing a stakeholder engagement in a previous appearance on Joy FM's Newsnight.
He found it unsatisfactory that the administration had kept them in the dark about the time of their meeting. The government's handling of the situation is far too slowly, he remarked, and this causes him grief.
While this is going on, Gabby Otchere-Darko, a veteran of the NPP, has emphasised the importance of the government's debt swap scheme in enabling talks with the IMF (IMF).
The international lender and Ghana are now negotiating an agreement to support the struggling nation's economy.
If accepted, the agreement will aid Ghana in properly balancing its finances and presenting improved economic prospects. However, Mr. Otchere-Darko asserts that this is only feasible if everyone supports the government's domestic debt swap scheme.
He thus urged all individual bondholders to cooperate with the government for the aforementioned initiative's effective execution in a tweet on Sunday.
For individual bondholders, the debt swap scheme is optional, but it is a necessary evil for our economy.
"Restoring macroeconomic stability and securing an IMF programme depend on its success," Those of us who own bonds are severely impacted. He stated, "A flat no to it is no solution.
Since gaining independence in 1957, Ghana has had 17 interactions with the IMF, and this is one of those interactions.
Ghana and the IMF have consistently interacted as a result of the depreciation of the local currency, fiscal irresponsibility, budget deficits, and a variety of other economic management failures.
The local currency's decline in value relative to other important trading currencies has been noted as one of the significant causes in its continuing negotiations with the Fund.
Additionally, the country's recent IMF participation, which began on July 1, 2022, was influenced by both the nation's high debt levels and growing inflation.
However, the administration has constantly insisted that if it weren't for the Russia-Ukraine War and the COVID-19 Pandemic, these variables would not have come back into play.
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