According to economist Menson Torkunoo, local bondholders who will be hit hardest by the government's domestic debt swap program may pass out from shock as a result of the size of the losses on their investments.As part of negotiations with the International Monetary Fund, the government has disclosed the specifics of a domestic debt exchange that will take place after the Debt Sustainability Analysis is finished (IMF).

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Finance Minister Ken Ofori-Atta announced on television on Sunday that domestic bondholders must replace their current instruments for new ones in accordance with the scheme.According to him, existing domestic bonds as of 1st December 2022, will be exchanged for a set of four new bonds maturing in 2027, 2029, 2032, and 2037.

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Commenting on the announcement, the economist told Starr News that the government has lied to Ghanaians on the purpose of the E.S.L.A and Daakye bonds.“We don’t have an honest government. This is very sad. I tell you honestly people are going to die as a result of this announcement. I am telling you the facts.

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Because this is the same way this same government spent about 25 billion Ghana cedis to wipe away or to rationalize between seven to nine billion they have alleged to have caused by banks,” he stated.Mr. Tukornu underscored the situation where the nation’s economy is heading to ground zero has never happened in the history of the country.

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The economist added that he cannot fathom the dire situation could warrant “bonds holders, especially domestic ones, to sacrifice their hard-earned investment to enable the government to recover. It has never happened before. In my few years as a Ghanaian who has a little bit of the economy. I am really sad.”

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