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Kyei-Mensah-Bonsu kicks against inclusion of individual bondholders in Debt Exchange Programme

The government’s domestic debt exchange programme is inimical to Ghana’s savings culture, Majority Leader Osei Kyei-Mensah-Bonsu has said.

He has, thus, warned Finance Minister Ken Ofori-Atta to proceed with caution by discussing issues with those to be affected.

Mr Kyei-Mensah-Bonsu issue the caution after receiving a petition from the convener of a group of individual bondholders, Mr Senyo Hosi and private legal practitioner Martin Kpebu on Friday.

“What we’re talking about is that many of these bondholders also belong to the middle class and that’s where the major worry is”, he noted, adding: “If we are wiping away the middle class, that could be dangerous, so, we need to have some further dialogue on this”.

The government, he said, “thinks that this is the best way forward, however, even if it is, we need to engage, reflect and then move on and that will encourage some people who have some doubt to better appreciate where we are.”

In the Suame MP’s view, “nothing can substitute for discussions, roundtables and engagements wherever we find ourselves in”, noting: “I think it’s important that we go back to the drawing table to have engagements with the major stakeholders”.

He said: “All of us are in it”, warning: “… If we don’t manage it well, we’ve gone through this before, way back some 25, 30 years ago and repositioning was a major, major difficulty”.

“Today, many people are coming on board and if this thing should happen, how do we build confidence and trust and reconstruct a new savings culture?”

Meanwhile, the New Patriotic Party Member of Parliament for Nsawam-Adoagyiri, Mr Frank Annoh-Dompreh, who is also the Majority Chip Whip, on Saturday, 14 January 2023, also described the decision to rope in individual bondholders as unfair and untenable. SOURCE:

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