Member of Parliament (MP) for the Oforikrom Constituency, Dr Emmanuel Marfo, has advised Gabby Otchere-Darko to be cautious in his analysis and interpretation of government’s policy on the economy while engaging the public.

Dr Emmanuel Marfo noted that the founder of the Danquah Institute, who is also a leading member of the ruling New Patriotic Party (NPP), is painting a picture which indicates his unofficial involvement in the running of the economy.

Mr Gabby Otchere-Darko, who has actively been commenting on issues pertaining to the economy in recent times, has called on individual holders, who are presently contesting the government's decision to include their investment in its Domestic Debt Exchange (DDE) programme, to give into the government’s plan.

(1) Ghana is in a very difficult place. What we are seeing with the mobilisation of agitation on individual bondholders poses a real and serious risk worse than what we witnessed when opposition to E-Levy succeeded in derailing an already shaky macroeconomic situation from 2021.— Gabby Otchere-Darko (@GabbyDarko) January 15, 2023

“Ghana is in a very difficult place. What we are seeing with the mobilisation of agitation on individual bondholders poses a real and serious risk worse than what we witnessed when opposition to E-Levy succeeded in derailing an already shaky macroeconomic situation from 2021”, he tweeted on Sunday.

He further noted that Ghana would not be able to procure a credit facility from the International Monetary Fund (IMF) should government fail to implement its debt restructuring programme.

“The debt exchange programme is voluntary for individual bondholders but a very necessary evil for our economy. Its success is critical to restoring macroeconomic stability, securing an IMF prog. It hits those of us holding bonds very hard. A straight no to it is no solution!”, portions of the tweet further stated.

(2) The debt exchange programme is voluntary for individual bondholders but a very necessary evil for our economy. Its success is critical to restoring macroeconomic stability, securing an IMF prog. It hits those of us holding bonds very hard. A straight no to it is no solution!— Gabby Otchere-Darko (@GabbyDarko) January 15, 2023

He added that the value of bonds by individual bondholders who refuse to subscribe to the DDE programme would be “potentially worthless.”

(4) I'm sorry but we have to face the hard/painful truths. We ain't sitting pretty. Our focus must be on how the burden to individual bondholders may be possibly eased; but not to take the hardline position of simply saying no to particpation. It will come back to hit us harder!— Gabby Otchere-Darko (@GabbyDarko) January 15, 2023

According to Dr Marfo, Mr Otchere-Darko’s remarks, either accurate or incorrect, “do more harm than good.”

“Can someone advise Gabby to know his labelled niche in this administration and to be circumspect in his commentary on government policy on the economy. They do more harm than good. It's not about whether he is right or wrong, it's about his perceived backdoor involvement in the crisis. He better keep mute; it helps the NPP!” the MP wrote.

This is not the first time Mr Otchere-Darko has relayed striking information on the status of some government policies that have a huge impact on the economy.

In June 2022, he disclosed that the government had been unable to reach its revenue target with regards to the Electronic Transaction Levy (E-levy) implemented in May that year by the Ghana Revenue Authority (GRA).

“What options are open to the government? The question should rather be: what option, if adopted, will re-inject investor confidence in our economy? Even if we find the $3-5 billion required, will that help? E-levy which was to have given us some 600m by now has done less than 60m,” he said in a tweet on Monday, June 27.

As part of its functions, the Ministry of Finance is to establish and disseminate performance-oriented guidelines and deploy efficient financial management information systems, as well as ensure commitment to transparency, probity and accountability in the management of financial resources.