17th April 2023 12:04:42 PM
2 mins readMember of Parliament for Ningo-Prampram, Sam Nartey George, has demanded that government excludes pension funds from its latest planned debt restructuring deal.
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Finance Minister Ken Ofori-Atta has formally written to the Board of Trustees of Pension Funds.
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He noted that the revised proposal is expected to adequately compensate pension funds for the value of their current holdings while easing the government's cash flow concerns in the years to come.
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Reacting to this, Mr Nartey George stated that it is unacceptable that government seeks to torment Ghanaians, particularly when it has already subjected them to torture while undertaking its Domestic Debt Exchange Programme (DDEP).
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Speaking on TV3 on Monday, he also accused the "wicked" government of stealing from the public purse.
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“They have raped the public purse. They have stolen the purse, people lost money in financial clean up, debt exchange and now you are going for pensions funds and you say we shouldn’t talk,” he said.
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“This is a wicked, clueless and incompetent government,” the Ningo-Prampram MP added.
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The proposed offer entails exchanging current Treasury Bond, ESLA Bond, and Daakye Bond holdings for a selection of the currently outstanding new bonds. These bonds, issued in February 2023, mature in 2027 and 2028, respectively, and feature an average coupon of 8.4% with a ratio of 1.15x, thus entailing an increase in patrimonial value.
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The proposal also includes an additional cash payment of 10% (strip coupon). The stream of coupons to be received as part of this proposal will, therefore, be 21% compared to the current 18.5% of the outstanding old bonds.
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Meanwhile, Mr. Ofori-Atta has revealed that government aims to finalise the offer by the end of April 2023.
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Source: The Independent Ghana
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