The Pension and Independent Bondholders have expressed deep skepticism about the Finance Minister’s recent apology regarding the fallout from the Domestic Debt Exchange Programme (DDEP).
Key members of the bondholders’ forum, including Harry Yamson and Dr. Adu Anane Antwi, have voiced concerns that the apology does not address the substantive issues or alleviate the hardships that the programme has imposed on ordinary Ghanaians.
Harry Yamson, a representative from the bondholders’ forum, criticized the apology as insufficient, stating, “No one can accept a non-apology. This cannot be an apology. It is essentially asking people to not acknowledge the truth.”
Mr. Yamson emphasized the critical issue of the government’s failure to fulfill its payment obligations to bondholders, asserting that Ghana is in a state of default rather than adhering to its financial commitments.
Ghana’s economic challenges are rooted in a combination of high public debt, fiscal deficits, and the global economic downturn. The DDEP was implemented as a means to stabilize the country’s economy and fulfill the IMF’s conditions for financial assistance.
While the programme may have been successful from a participation standpoint, its consequences have been severe for individual investors and pensioners who depended on their bond investments for financial security.
Dr. Adu Anane Antwi, the Convenor of the Pension Bondholder Forum, offered a more tempered response, acknowledging that while the apology may be accepted, it does little to erase the pain and suffering caused by the government’s actions.
Dr. Antwi drew a poignant analogy to illustrate his point: “If I slap you and later on I apologize, you will still have gotten the slap I gave you, and so that is the challenge I have.”
Dr. Antwi’s remarks underscore a critical issue: the apology, while a step in the right direction, does not rectify the financial losses incurred by bondholders or address the broader economic challenges facing the country.
Dr. Antwi urged the government to focus on tangible solutions, particularly the reduction of the national debt, to bring relief to those affected by the DDEP.
“You can’t talk about having improved things when invested funds are still locked up in this financial market,” Dr. Antwi stressed. His comments highlight the ongoing struggle of bondholders who are still waiting to regain access to their invested funds, which remain tied up in the restructured bonds.
The controversy stems from comments made by Finance Minister Dr. Mohammed Amin Adam during a town hall meeting in Accra, where he acknowledged the hardships experienced in the country due to the DDEP.
The Finance Minister explained that the decision to restructure the country’s debts was driven by the need to meet IMF conditions, with the DDEP being a key component of the strategy. The programme, according to Dr. Adam, was deemed successful, achieving 95 percent participation among bondholders.
This sentiment has not resonated well with those who feel the government has not done enough to mitigate the negative impact of the DDEP.
As the government continues to navigate the complex terrain of economic recovery, the reactions from bondholders suggest that an apology, however well-intentioned, is insufficient in the face of real financial hardship.
For many, the focus now shifts to what concrete actions the government will take to ensure that the sacrifices made by bondholders are not in vain and that the promises of economic stabilization are fulfilled.
READ ALSO: Portia Asare Confirms Divorce From Husband, Promises To Marry Again
