Ofori-Atta: Economist Slams Finance Minister For Falsely Quoting Scripture During Debt Exchange Announcement

• An economist has said it was annoying that the finance minister quoted the scripture to convince the investor community that nothing will be lost under the debt exchange programme
• Dr Theo Acheampong said the claim by Ken Ofori-Atta is false so it was unfortunate that he would try to quote the bible
• According to Dr Acheampong if nothing at all financial institutions and investors would definitely lose something in the debt restructuring programme

Economist Dr Theo Acheampong has said it was wrong for the finance minister Ken Ofori-Atta to quote scriptures to back his claim that nothing will be lost or broken under the debt exchange programme.

The political risk consultant thinks the reference to the Holy Bible is unfortunate because the minister was not right about his claim.

"Why do we mock God like this? Some financial institutions and investors are about to lose out and you say nothing is 'missing, lost or broken'? Abufusem – e dey bore waaa!" Dr Acheampong posted on Facebook.

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Minority in parliament insists it will not accept Domestic Debt Exchange programme

Announcing the details of the debt exchange programme on Sunday, December 4, 2022, the finance minister said quoted 1st Samuel 30:19 which says "nothing was missing, small or great. I say to you, nothing will be lost, nothing will be missing, and nothing will be broken. We will, together, recover all."

Finance Minister Announces Plans To Swap Cedi Debts for New Bonds In Domestic Debt Exchange Scheme

Ofori-Atta announced to local bondholders that there would be losses on interest payments under the Domestic Debt Exchange programme.

The exchange programme is the debt restructuring programme that the government needs to introduce in order to get the $3 billion bailout loan from the International Monetary Fund (IMF).

The finance minister explained Ghana will swap existing local-currency debt with four new bonds maturing in 2027, 2029, 2032, and 2037.

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Mixed feelings as government launches its Domestic Debt Exchange programme

“The annual coupon on all these new bonds will be set at 0% in 2023, 5% in 2024, and 10% from 2025 until maturity,” he said in the video posted late Sunday on the Ministry of Information’s page.

Coupon payments will be semi-annual, he said.

Minority In Parliament Vows To Resist Attempts To Restructure Ghana’s Debt

Meanwhile, YEN.com.gh has reported in a separate story that the minority in parliament has said it will employ firm legal means to block the proposed Domestic Debt Exchange programme announced by the minister of finance.

According to the minority leader Haruna Iddrisu his side cannot support the policy in its current form.

The Tamale South MP told the media on Monday December 5, 2022, that the opposition MPs will not accept the proposed debt restructuring programme and it would not be allowed to proceed.

Source: YEN.com.gh