Alhassan Suhuyini, a member of parliament representing Tamale North, has accused the government of causing the difficulties encountered in implementing its proposed domestic debt exchange (DDE).The NDC senator claimed that despite warnings raised about some earlier decisions, the government's arrogant attitude is to blame for the program's current status.

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He said there had been calls for the administration to examine the economy critically as far back as 2018 when he participated in discussions on Newsfile on Saturday.He however noted that these well-meaning calls were blatantly ignored by government, leading to the current economic crisis and the attendant problems surrounding the debt exchange programme.Referring to the government, he said “We were arrogant. We were intransigent.

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We refused to listen to sound advice. In fact when we were told that our economy was in crisis in 2018, 2019, or was heading there, it was denied”.The MP continued, “It was pooh-poohed. And by 2020, the COVID had hit and exposed the fact that our government had been managing the economy carelessly. And that they had finished wasting the inheritances that they came to meet”.

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The MP asked for a national debt forum to thoroughly explore the debt exchange scheme as part of attempts to assist restore the struggling nation's economy in the midst of what appears to be a challenging situation for the administration.The government's decision to extend the deadline for individual bondholders to subscribe to its domestic debt exchange program is the catalyst for Mr. Suhuyini's remarks.

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The government had earlier declared that the deadline was January 31 at 4 p.m.However owing to unwillingness by stakeholders to enroll onto the programme, the Finance Ministry in a press release on Tuesday said the deadline has been extended to February 7, with a new settlement date of Tuesday, February 14, 2023.

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The Ministry said “it has made significant progress with all stakeholders, including financial sector industry associations and representative groups of individual bondholders, with respect to their participation in the Programme”.

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“All bondholders are hereby encouraged to commence all administrative processes towards their participation in the Exchange, in line with the agreements reached”, the statement from the Ministry concluded. Meanwhile, private legal practitioner and a lead convener of the Individual Bond Holders Association of Ghana (IBHAG), Martin Kpebu has reiterated the group’s refusal to embrace government’s proposal.

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Emphasising IBHAG’s position on the matter, he stressed that his side will not be participate in the debt exchange programme.He said at the moment, his outfit is only waiting for government to redeem its promise to settle the returns of all existing bondholders as agreed in a meeting with the Finance Minister, last week.Source: MyJoyOnline.com

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