Debt Exchange: Gabby Asare Otchere-Darko Tells Individual Bondholders Programme Is A "Necessary Evil"

• A leading stalwart of the governing New Patriotic Party (NPP) has described the Domestic Debt Exchange programme as a necessary evil
• Gabby Asare Otchere-Darko thus wants all individual bondholders to embrace the programme to save the Ghanaian economy
• This comes amid intense opposition to the programme in its current form

Gabby Asare Otchere-Darko, a leading stalwart of the governing New Patriotic Party (NPP) has appealed to individual bondholders to embrace the Domestic Debt Exchange programme.

According to him, the programme is a necessary evil needed to save the Ghanaian economy.

Debt Exchange: Gabby Appeals To Individual Bondholders To Embrace Programme Despite Their Intense Opposition To It

This comes at a time there’s intense opposition to the inclusion of individual bondholders after labour unions succeeded in getting an exemption of their pension funds from it.

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In a series of Twitter posts on Sunday, January 15, 2022, Gabby urged bondholders to soften their stance since their continuous refusal to be included will not augur well for the country.

“The debt exchange programme is voluntary for individual bondholders but a very necessary evil for our economy. Its success is critical to restoring macroeconomic stability, and securing an IMF prog. It hits those of us holding bonds very hard. A straight no to it is no solution!”

The post has elicited mixed reactions from his friends and followers, some of which have been compiled by YEN.com.gh below.

@richqkofi

Where does the national cathedral project fit in all of this . Will halting it not also help bring stability to our economy? Why are you guys bent on seeing the project through even in the midst of our economic instability as you put it ?

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@smootlovegh

Why don't the Ministers forgo their salary for the next 2 years , why don't the president forgo his salary for the he next 2years , why don't you @GabbyDarko give all the money you made from government deals back ? All the money stollen can help us of you guys return it

@PrinceTwene3

This the first time Gabby is speaking truth to power eiii. What happened?

@OliverAdjei2

You forced E-levy,VAT, cathedral, finance minister on us. You did as you please when we said http://no.You derailed our economy with cedi depreciation and inflation.Our savings have been wiped out due to inflation. You've oppressed us for far too long.Enough already

@OMarquesa

Reduce the number of ministers & presidential staffers then we can consider joining

@yobrefo

Don’t for once assume we can’t interpret numbers for ourselves.Which country has imposed this on its citizens? Why did you not start with an honest and transparent engagement?

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Debt Exchange: Individual Bondholders Say They Will Lose 88.2% Of Their Funds At Current Inflation Rate

Earlier, YEN.com.gh reported that individual bondholders had indicated that per the current inflation rate, they will lose about 88.2% of their investment if the government includes them in the domestic debt exchange programme.

Organizing themselves under the Ghana Individual Bondholders Forum, the group said in a statement that although the president has promised that they will not lose funds on their coupons [or there will be no haircuts], they foresee the exact opposite.

Source: YEN.com.gh