The leadership of the Christian Council of Ghana (CCG) has expressed the need for the media to be circumspect in their reportage of issues surrounding the debt restructuring programme by government.
According to the Council, various media platforms must be cautious in their coverage of the matter to avert situations which might result in misconstruction of the programme. It revealed that on matters they are oblivious to, it behooves on them to seek experts to speak to it.
“The CCG also wants to encourage the media to be diligent with reportage on the debt restructuring program and ensure that they speak to professionals on the matter to avoid false information that would further heighten the situation of fear and panic in the country.”
Christian Council of Ghana
Contained in a statement dated January 19, 2023, signed by the Chairman and Secretary of the Council, Rev. Prof J.O.Y Mante, it called for a suspension of the domestic debt exchange programme which is expected to stabilise the country’s debt.
The Council noted that it has examined the concerns of the Individual Bondholders Association of Ghana (IBHAG), the Pensioner Bondholders Forum, church members and the general public and has identified lapses in the debt restructuring programme.
It noted that one of the major lapses identified is the lack of consultation with affected individuals and institutions.
“With the current economic hardships in the country and the agitations among the general public, it is in the nation’s interest for the Finance Ministry to suspend the 31 st January deadline given to individuals to sign on to the program and rather propose a road map for dialogue to make the process participatory such that the outcome would be acceptable to all.”
Christian Council of Ghana
Christian Council vows to pray for managers of economy
The Council reckoned that thorough engagements with stakeholders would help the government to appreciate the concerns of the Ghanaian people and put measures in place to address some of the challenges of the programme.
Expressing its support to the government, the leadership of the Christian Council of Ghana stated that it will continue to pray for the managers of the economy, especially the finance minister, for God’s wisdom and direction in the matter. It further entreated all churches to do same.
“We strongly believe that God will see us through this difficult situation. Let us keep our hopes alive.”
Christian Council of Ghana
The Christian Council of Ghana is the latest to join in the campaign against the domestic debt exchange programme proposed by government. Like many other stakeholders, it believes the programme will not augur well for Ghanaians.
Meanwhile, Finance Minister, Ken Ofori-Atta has disclosed that government will grant some concessions to individual bondholders under the Programme. Nonetheless, he noted that an absolute abolition of the programme or a grant of total exemption to individual bondholders is not an option.
“We are looking at a situation where maybe the zero coupon for bondholders in 2023 should be changed going forward.”
Ken Ofori-Atta
Mr Ofori-Atta has equally assured that government will not touch Treasury Bills (T-bills) under the Domestic Debt Exchange Programme.
According to him, it will not bode well for government’s own finances and fundraising programmes in the future to touch T-bills as part of the programme. Mr. Ofori-Atta noted that government has conducted a Debt Sustainability Analysis which does not include T-bills.
“We can’t afford to touch it. Let me assure you, Treasury bills will forever remain sacrosanct. Treasury bills are exempted completely. We have done the sustainability analysis. We are not including treasury bills. That is how government funds its operations”
Ken Ofori-Atta
