The question hanging on in the minds of Ghanaians today is whether the deadline for government’s Domestic Debt Exchange Programme (DDEP), which has been slated for today, Tuesday, February 7, 2023, will again be extended after four consecutive extensions.
The Ministry of Finance (MoF), in its last official update on the DDEP extended the previous deadline, January 31, 2023 to today, Tuesday, February 7, 2023, to allow it more room to finalize on its discussions with Organized Labor and Pension Fund Trustees.
The question is whether government has been fruitful on its endeavor to further discuss and convince the named stakeholders to enroll for the programme without any more contentions.
The stories however in the past days, following the Ministry’s updates has been contentious with the named key stakeholders firm on their decision regarding the programme.
Just yesterday, February 6, 2023, pensioners were found in a demonstration at the Finance Ministry to push further their petition to the government.
According to the Pensioners Bondholders Forum, they are not making demands to be paid their principal but rather their interests after signing up for the debt exchange programme.
The group has also requested to be entirely exempted from the programme, speaking of the adverse implications it may have on them. The group was found demonstrating yesterday, February 6, 2023 at the Finance Ministry to push forward their concerns, hoping to be granted their request.
Dr. Adu Anane Antwi, Convener of the Pensioners Bondholders Forum, in an interview explained how the exchange program was going to affect them, stressing on their demand to be paid interests rather than principal on the new bonds.
“If you used to collect 25% interest on your principal, now, the government says it has reduced that to 15%. Some people had 30% and theirs has also been reduced to 15%. Meanwhile, the prices of medicine have gone up.”
“Someone used to buy medicine for high blood pressure for GH¢400, but now, he is buying it for GH¢900. So if you reduce the money he can use to buy the medicine, this means that he will die.”
Dr. Antwi
The new terms of the DDEP reads that retirees, which includes those retiring this year, 2023, be given new bonds with a maximum maturity of 5 years, at a coupon rate of 15%.
This, Dr. Antwi referred to, will be unfair to and too harsh on the group of pensioners.
Ken Ofori-Atta to Pensioners: There is nothing to be done to change the DDEP terms
In response to the concerns of the Pensioners Bondholders Forum, Finance Minister, Ken Ofori-Atta, urged the affected holders to hold their peace, saying there is nothing to be done at this premature time when the programme is to be finalized.
Ken Ofori-Atta added that the country is in a situation of “Boa Me Na Me Mboa Wo” thus, called on the Forum to cooperate with the Ministry to stabilize the Ghanaian economy, stressing on the need of the country to be at IMF in March for the $ 3biliion bailout loan, which promises to help relieve the economy.
“We really feel that government has listened, there is humanity to us. We are protecting the destitute, widows and the orphans and the older people who have worked for this nation. We are in a crisis. We cannot put our heads under the sun and pretend that we are not.
“We need to be mindful that we really need to be successful in going to the fund by this March to avoid what we all experienced last year, which we all don’t want to experience again.”
Ofori-Atta
The Pensioners Forum in succession responded by asking for a total exemption from the DDEP.
Will this request be granted them? Will these contentions call for a further extension of today’s deadline?
With today, Tuesday, February 7, 2023, marking the “final deadline”, as government puts it, for the debt exchange exercise, all Ghanaians are looking forward to the new developments on the programme.
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