For them,
including them will destroy household confidence in Ghana’s financial system
and securities market.
On the Point
of View on Citi TV, one of the conveners of the group and legal
practitioner, Martin Kpebu said: “Sometimes we all get it wrong. Maybe the
finance minister initially thought it could woo individual bondholders on
board, but it didn’t turn out well. There is nothing wrong because it’s one
nation. It’s been confirmed that government will honour its obligations under
the existing bonds thus practically exempting us.”
The deadline for
the Domestic Debt Exchange (DDE) Program expires today, Tuesday, January 31,
2023, after several extensions.
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Stakeholders are looking forward to the government’s next move given the agreements it recently reached with groups of individual bondholders and players in the banking and insurance industry.
The Vice
President, in charge of research at IMANI Centre for Policy and Education,
Bright Simons, has even said, the Ministry of Finance is lacking the support of
even Cabinet in its decision to include individual bondholders in the Debt
Exchange Programme.
“What we are
holding now in all probability is much better than what the Minister wants to
offer. If the Minister is able to offer something better than what we are
holding, then we wouldn’t be doing a debt exchange program. From what I have
gathered, people are not interested in any new bonds, they want to hold on to
what they currently have”, Martin Kpebu further expressed.
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The individual
bondholders during discussions with the committee set up by the government to
resolve issues on the debt exchange programme stated that with the set target
of 80% of eligible bonds, Individual Bondholders are not a critical success
factor to the viability of the DDE programme, yet the impact of their inclusion
has incalculable consequences.
As part of
recommendations to the Technical Committee, they recommended that the
government divest loss-making, defunct and troubled 17 State–own enterprises.
The Individual
bondholders also suggested that the government review the Free SHS Programme to
make it more efficient through effective targeting and allowing parents who can
pay to do so.
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The group stated
that divesting the non-performing SOEs and reviewing free SHS alone will
provide the government with GHS 2 billion.
It also
urged the government to maintain the 2022 capital expenditure level by reducing
the non–ABFA MDA and foreign finance Capex provisions by 50% which they claim
will provide the 10.7 billion Ghana Cedis.
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