Leadership of the Christian Council of Ghana (CCG) has extended a call on government to suspend its debt restructuring programme to pave way for further consultations with stakeholders.
The council said in a statement issued on Thursday, 19 January 2023. “After various discussions with some stakeholders on Ghana’s economy, we’re convinced that the whole process needs to be suspended until broader consultations have been made”.
The leadership of the Christian Council of Ghana however pointed out that, “as an Advocacy group that speaks for the vulnerable in the society, the Council has examined the concerns of the Individual Bond Holders of Ghana (IBHAG), the Pensioner Bond Holders Forum, our church members and the general public and have identified lapses in the debt restructuring programme, a major one being lack of consultation with affected individuals and institutions.”
“With the current economic hardships in the country and the agitations among the general public, it is in the nation’s interest for the Finance Ministry to suspend the 31st January deadline given to individuals to sign on to the programme and rather propose a road map for dialogue to make the process participatory such that the outcome would be acceptable to all.”
Leadership is convinced that, “thorough engagements with stakeholders would help the government to appreciate the concerns of the Ghanaian people and put measures in place to address some of the challenges of the progrmme.”
However, following the ongoing stress on them, the Individual Bondholders Association of Ghana (IBHAG) has advised individual bondholders to avoid signing up for the exchange of their existing bonds with the new ones coming up by government.
“The association further advises all individual bondholders, irrespective of whether they are members of IBHAG or not, to resist the temptation of signing onto the voluntary exchange of their existing bonds with the new ones floated by government, the veiled threats from the Minister of Finance notwithstanding,” this was according to a statement signed by their lawyer Martin Kpebu.
Source: Apexnewsgh.com/Ghana
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