Martin Kpebu, the Individual Bondholders Forum's convener, has lamented Ghanaian society's high levels of financial illiteracy.
He claims that because most Ghanaians are unaware of how the financial system operates, the government is free to act whenever it pleases without interference.
He was making reference to the "coercion" the government used to get financial institutions to join the domestic debt swap scheme.
He said that there would have been a greater push to convince the banks not to participate in the unfavourable debt exchange scheme if the majority of Ghanaians were aware that they had a stake in the operation of the banks.
What this has shown me about the Ghanaian system is that, based on the way we've handled our finances, I don't think we're very financially educated.
Unfortunately, the banks were treated this way after they sat down. I had already missed it. And I believe it was Dr Atuahene who brought it up. And we claim to be bank stockholders.
"So Evans, why did we as people sit back and watch while the government forced banks to register as shareholders? We didn't really care. By the time I realised, we owe shares in some of these institutions, they had already signed up before it even occurred to me. This proves that we are not very financially aware, making it simple for the government to carry out its agenda.
"What a terrible shame this is. We're going to lose dividends this year because the government has signed the agreement with them, so why didn't we fight to stop the government from making this kind of agreement? You see, at one point, particularly the banks that had very little exposure to these bonds, they were stalling and refusing to sign.
There was opposition, but people didn't show up to support them, so finally they signed. But perhaps the next time we should pay attention; in our culture, I believe that the level of financial illiteracy is far too great. It's bad," he declared.
Following a new agreement with the Finance Ministry that includes; the Ghana Association of Banks chose to join the debt exchange scheme.
Clarity regarding the operational structure and conditions of access to the Ghana Financial Stability Fund (GFSF), the agreement to pay a 5% coupon for 2023 and a single coupon rate for each of the twelve (12) new bonds, resulting in an effective coupon rate of 9%, and the removal or amendment of all provisions in the Exchange Memorandum that permit the Republic too, at its sole discretion, change the terms of the Exchange.
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