A former Director General of the Securities and Exchange Commission (SEC), and the Convener of the Individual Pension Bondholders, Dr. Adu Anane Antwi has reiterated the need for government to specifically exempt their group from the Domestic Debt Exchange Programme (DDEP) to avoid ambiguity in future.
According to him, it is important for government to categorically state that their group is exempted to avert a situation that may lead to investors losing their funds in the future under the programme.
Speaking to Joy Business, Dr. Antwi explained government’s statement that Individual Pension Bondholders are free to participate in the programme cannot be taken as exemption.
He warned that such a condition could mean that investors will lose in the future for not signing onto the programme since they were not exempted.
“From where I’m coming from as a securities market and a capital market person, we understand exemption to be totally different from the condition that you are free to sign on,” he said.
“You owe some people you want to pay and you think you cannot pay, once you exempt me, you have already told me that as for these ones, I can handle so they are exempted. These ones, I cannot handle so let’s restructure,” he explained.
Dr. Antwi pointed out that an investor is safe if the terms categorically state that he or she is exempted.
“In the future, government can say that you did not take the restructuring. I already told you that I may face some challenges meeting the obligation so let us restructure and you refused. So if you go there, you become a part of it. If you decide not to take part, you already know”, he said.
Significant progress made on DDEP
Meanwhile the Finance Minister, Ken Ofori-Atta, has stated that the government has made significant progress with the ongoing International Monetary Fund Programme (IMF) which is a significant boost to the country’s recovery efforts.
According to him, the continuous progress will steer Ghana further away from the “slippery precipice” it recently faced.
Addressing the nation on the Domestic Debt Exchange Programme vis-à-vis the IMF programme, the Finance Minister said the momentum must be sustained.
“Our remarkable progress with the ongoing International Monetary Fund Programme is a significant boost to our recovery efforts. Continuous progress will steer us further away from the slippery precipice we recently faced. Therefore, the momentum must be sustained”.
Considering the importance of a sustained economic recovery backed by an approved IMF programme in the first quarter of 2023, Mr. Ofori-Atta said it is crucial for groups and individuals to consider the merit of the enhanced DDEP, as well as the need for economic stability; and sign up by tomorrow to make it a successful one.
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