Only ‘juju’ will make investors sign debt exchange programme – Adongo

The Member of Parliament for Bolgatanga Central, Isaac Adongo, says only juju -– a magical or supernatural power with the ability to influence one’s decision-making — will lure investors to join the government’s domestic debt exchange programme.

According to him, right-thinking local investors will unreservedly reject the programme which the Nana Akufo-Addo government seeks to roll out to rescue the economic mess.

“You can keep postponing, postponing and postponing but as long as it is voluntarily …. Some will be willing to tear off themselves,” Adongo said, suggesting the unwillingness of bondholders to exchange their bonds.

“No reasonable person will do that,” the Bolgatanga Central asserted.

This comes on the heels of the government’s initiative to invite bondholders to voluntarily exchange about GH137 billion in domestic notes and bonds of the Republic, including ESLA and Daakye, for a bundle of new bonds in an effort to address the nation’s persistent economic woes.

It is currently unknown how many institutions and individuals have agreed to participate in the initiative.

Since its announcement, the domestic debt exchange programme has received fierce criticism from labour unions, which were successful in exempting pension funds.

Individual bondholders who were included after pension funds were exempted have also spoken out strongly against their inclusion.

The issue has put the government in a difficult position.

Meanwhile, speaking on Good Morning Ghana on Metro TV, Mr Isaac Adongo also accused the governing New Patriotic Party (NPP) of blackmailing investors to join the domestic debt exchange programme.

He could not establish what is influencing the utterances of key government communicators and state officials amid the present predicament.

“Is that what our suffering is now? That Ghana is now a sovereign of straw who you don’t take it to court because he doesn’t have kobo to give. Is that how to approach this?” the Bolgatanga Central MP wondered.


By: Bernard Ralph Adams | | Ghana


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