The Individual
Bondholders Forum has petitioned Togbe Afede XIV, the Agbogbomefia of the
Asogli State, to help them get an exemption from the Domestic Debt Exchange
Programme (DDEP).
The Individual
Bondholders are insisting on the complete exclusion of its members from the
Domestic Debt Exchange Programme, stating that their inclusion will destroy
household confidence in Ghana’s financial system and securities market.
Addressing the
former President of the National House of Chiefs on Thursday, the Convener of
the Individual Bondholders Forum, Senyo Hosi said: “Togbe the matter is an eye
red matter and for someone who has led the capital market and being one of the
players who birthed the capital market, besides your royal place as the
Agbogbomefia of the Asogli State, you are a pioneer in this industry, I do not
want to believe this is your voice and the destination you assured us when your
voice was heard back then.
“So we are here
to petition your office, to petition you as an individual and the state of
Asogli not to sit by and watch the lives of 6.5 million people devastated and
subjected to shackles of penury. So our plea here is very simple, the steps
being taken by the government are unsustainable and very unnecessary.”
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 Committee, the Individual Bondholders Forum led by Senyo
Hosi 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.
According to the
group, “beneficiaries should be students that patronize Senior High Schools in
their communities whilst other students should pay for boarding. However, the
government can pay for students who do not have Senior Secondary schools in
their communities.”
The group stated
that divesting the 17 non-performing SOEs and reviewing the free SHS alone will
provide the government with two billion cedis.
The group 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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