The decision by the Finance Minister Mr. Ken Ofori-Atta to include smaller bondholders in the debt exchange programme has been criticized by a financial expert who believes it was erroneous in the first place to come up with that idea.
Mr. Ishaq Kyei-Brobbey believes broader consultations were not held before the decision was taken and stated that he believes some few individuals decided to come up with the unhealthy idea of including smaller bondholders in the debt exchange programme.
Irritated by the action, Mr. Ishaq Kyei-Brobbey turned his anger on the Finance Minister, Mr. Ken Ofori-Atta and stated that he regrets and is tired of defending him in public.
He stated on Wontumi TV that “when he (Ofori-Atta) takes a decision and you defend him in public, you become a fool. He will come out later and do the opposite of what you are defending. What kind of human are you?”
The programme to invite bondholders to voluntarily exchange about GHC137 billion in domestic notes and bonds of the Republic, including ESLA and Daakye, for a package of new bonds was initiated by the government to address the nation’s persistent economic woes.
Since it was first announced, the domestic debt swap programme has been under heavy fire from labour unions, who were able to secure the exemption of pension funds.
The Individual Bondholders Association is one of the organizations that has opposed the scheme.
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