Thursday, November 30News That Matters

Review the debt exchange programme-NPP to Ken Ofori-Atta

The New Patriotic Party (NPP), which is now in power, is asking Finance Minister Ken Ofori-Atta to spare smaller bondholders from the debt exchange program.

According to the party, retirees and other bondholders should be exempt from the program.

In a meeting with the Finance Minister and other party leaders, Justin Koduah, the general secretary of the NPP, stated that the party’s headquarters had received numerous requests for the government to take the debt swap program into consideration.

It is still unknown how many organizations or people have agreed to participate in the initiative, which has been rejected by a number of organizations.

The program to invite bondholders to voluntarily exchange about GH137 billion in domestic notes and bonds of the Republic, including ESLA and Daakye, for a package of new bonds was initiated by the government in an effort to address the nation’s persistent economic woes.

Since it was first announced, the domestic debt swap program has been under heavy fire from labor unions, who were able to secure the exemption of pension funds. The Individual Bondholders Association is one of the organizations that has opposed the scheme.

Source: Citinewsroom

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