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Economic restoration should not affect livelihoods – Bokpin

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Finance Professor, Godfred Bokpin, says efforts by government to address the current economic crisis should not be detrimental to citizens.

According to the lecturer, even though there is the need to restore the deplorable economic situation, it must be done with care.

Speaking on The Probe on Sunday, he admonished that all efforts by the state to lessen the economic crisis must not affect individuals and the private sector.

“These are very difficult times for Ghana. We sympathise with Ghanaians.

[But] in as much as we’re with government that we need to restore macroeconomic stability, we must be mindful that we don’t do so at a great cost and perhaps irreparable damage to private sector and households. We can only appeal to government”, he said.

Professor Bokpin made this call on the back of government’s proposed domestic debt exchange programme, which has been criticised for its harsh terms.

The policy, which was announced in December last year has so far been met with agitation from bondholders and the general public at large.

According to the displeased citizens, the programme will deny them the benefits of their bond investments, hence their resistance.

But despite the agitation, government has stressed that the programme is a critical intervention to help address the prevailing economic crisis.

In a series of tweets on Sunday, a leading member of the ruling New Patriotic Party (NPP), Gabby Otchere-Darko, urged bondholders to rally behind government’s proposal.

He said if the programme fails to see the light of day, it will plunge the economy into further deterioration.

While calling for public support for the programme, he however sympathised with bondholders, given the consequences of the policy.

Meanwhile, Convener of the Individual Bondholders Forum, Senyo Hosi, says his outfit will continue to mount a firm resistance against the proposed debt exchange programme.

In his view, the policy is insensitive.

Speaking on The Probe on Sunday, he reiterated his reservations about the controversial initiative.

Reacting to the earlier tweets by Gabby Otchere-Darko, he said the remarks by the NPP stalwart amount to fear mongering.

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