Finance Minister, Ken Ofori-Atta, has reiterated the relevance of government’s Domestic Debt Exchange Programme (DDEP), a day to the deadline for its subscription.
In an address on Monday evening, the sector minister stressed that the programme is designed to help the country recover from its current economic difficulties, hence the need for all bondholders to rally behind it.
While underscoring the benefits of the programme, he said it will enhance economic growth, as the country awaits support from its ongoing engagements with the International Monetary Fund (IMF).
“It is crucial for groups and individuals to consider the merits of the enhanced DDEP as well as the need for economic stability and sign up by tomorrow to make it a successful one.
Let every Ghanaian be encouraged, that the DDEP will bring us to a place of stability, economic recovery and transformational growth. But we must do this together”, the Minister said.
While calling on domestic investors to sign on to the programme, he cautioned that if the programme does not yield its intended results, it could cause further havoc amidst the prevailing economic crisis.
He said the DDEP aims at tackling macroeconomic variables, while creating an avenue for the economy to bounce back, and therefore if it fails, the consequences may be dire for the entire country.
The appeal by Mr Ofori-Atta comes on the eve of the deadline for individual bondholders and other domestic investors, to sign on to government’s debt exchange programme.
The programme, since its proposal has been met with a lot of public agitations and resentments, with many citizens against its implementation.
According to the dissenters, the DDEP will erode their savings and bring them to a place of need and lack, hence their refusal.
A medical doctor and financial advisor for instance got emotional on Monday morning during a discussion on the government’s Domestic Debt Exchange Programme (DDEP).
Speaking on Joy FM’s Super Morning Show, Dr Yaw Perbi said he had encouraged many health practitioners in the country to cultivate the culture of investment, thus is pained by the turn of events.
Recollecting the sacrifices he and his colleagues had to make to gain the principal to buy bonds, Dr Perbi could not help but break into tears.
As a testamemt of the agitations, a group calling itself the Individual Bondholders Forum, earlier impressed upon government to exempt them from the programme.
After a series of calls and pressure, the Finance Minister in a meeting with the leadership of the group assured that individual bondholders will be exempted from the programme.
Meanhwile, another resenting group, known as the Pensioners Bondholders Forum, today picketed at the Ministry of Finance to demand their immediate exclusion from the programme.
The protestors, including some aggrieved retirees said they do not believe in the safety of their investments, hence the need to be exempted from the debt exchange programme.
But government however insists that the DDEP is a crucial initiative to help resuscitate the economy which has been on its knees in recent times.
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