Convener of Individual Bondholders, Michael Harry Yamson, has expressed disappointment in Parliament for letting down Ghanaians on matters of the economy.

According to him, Parliament failed Ghanaians because it failed to resume sitting quickly when the Domestic Debt Exchange Programmme (DDEP) was announced at the initial stage and interrogate it thoroughly. He claimed they were unsuccessful in getting the right answers at the right time in order to change what needed to be changed because currently, the issue had long passed it’s due date for necessary changes.

Speaking on the State Affairs Program, Mr. Yamson stated that even when the Executive failed to seek Parliament’s view on the DDEP initiative, it was incumbent on Parliament to act fast on behalf of all Ghanaians.

“Our Parliament is ill-resourced to go toe to toe with the Executive when it comes to the economy, matters of national finance and matters of governance, they are not resourced. We were talking about DDEP but the issue goes well beyond it and Parliament simply didn’t have the means to say hang on. This budget will not stand the test of time because it is deeply flawed.
“You don’t have the revenues to meet the debt obligations that are starring you in the next few years and the budget was passed. Immediately it got passed all our hands were tied and the only answer was this disaster.”
Michael Harry Yamson

Mr. Yamson continued: “We are all talking about DDEP but what really we need to say is that how is it for our parliament, our representative are so ill equiped to interrogate and challenge the policy of the government when it comes to the affairs of our money.

Ofori-Atta’s Actions

The Finance Minister, Ken Ofori-Atta, has declared that all pensioners who declined to submit their old bonds for new ones under the Domestic Debt Exchange Programme (DDEP) have been exempted from the programme.

Briefing Parliamentarians on the state of the Domestic Debt Exchange Programme, in Parliament House, Ken Ofori-Atta urged the pensioner bondholders some of who, were in Parliament not to be troubled as all their coupons will be honoured when they mature.

“Government remains committed to the wellbeing of our senior citizens. It has caused me great distress that a number of our pensioners have picketed at the premises of the Finance Ministry since Monday, February 6 2023.
“I have already indicated in my press release dated 14th February, 2023, that government will honour their coupons payments and maturing principles like all government bonds in line with government’s fiscal commitments.”
Ken Ofori-Atta

He added: “Mr Speaker, in seeking to understand the concerns of our senior citizens, I have met with them on three occasions, the recent was 15th February 2023, where I explained the terms of the new bonds. Mr Speaker, I subsequently wrote to their convener letting him know that all pensioners who did not participate in the bond offering are exempted.”

These actions supported by the words of the Finance Minister, Ken Ofor-Atta, led to Mr. Michael Harry Yamson to claim disappointment in the government because it failed to see through its duty as respective representatives of the people and performed duties in their own self interest.