The minority leader in Ghana’s parliament, Hon. Haruna Iddrisu, has said the Nana Addo-Bawumia-led NPP government cannot continue to manage the country’s economy as a private entity owned by the Akyems.
In a presser today in Accra, the minority caucus led by the MP for Tamale South, Haruna Iddrisu stated the government since coming into power has mismanaged the economy with much impunity and its high time to let them know this is not a sole proprietorship business rather is a public company with a lot of stakeholders who ought to be regarded.
The Nana Addo /Bawumia Government cannot continue to manage Ghana’s economy like a private entity. Ghanaians deserve to know how much is involved and how long the debt exchange will take. It is not just about people’s investment, but it is much more about people’s lives and livelihood.Haruna Iddrisu
He added that the debt exchange program that the government is implementing should be put on hold because it is affecting the lives of individual bondholders.
It is not just about people’s investment, but it is much more about people’s lives and livelihood. The Nana Addo /Bawumia Government should suspend the Debt Exchange Programme now!Haruna Iddrisu
They argue that the debt exchange [program will worsen the health of the banking sector and other sectors of the economy.
Implications on entire financial / banking Sector. Ghana’s financial sector will be severely and adversely impacted by the Domestic Debt Exchange Program. With over GHS 60 billion locked up in government bonds, the non-receipt of any interest this year and paltry sums in subsequent years, will prove the undoing of some banks. In the case of some state-owned banks, as much as 70% of their annual revenue comes from their investments in government bonds.Haruna Iddrisu
Read the full statement here