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DDEP will get economy fully back on track – Ofori-Atta

Finance Minister Ken Ofori-Atta has called on bondholders to sign up for government’s Domestic Debt Exchange Programme as the expiration date is to be due on February 7.

This, according to him, is to ensure the economy is restored.

“What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods,” he pointed out.

He reiterated that government’s objective for the programme is to “restore macro-economic stability, achieve debt sustainability and get the economy fully back on track.”

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“We know that these are necessary pre-conditions for creating jobs; safeguarding and enhancing incomes; fostering inclusive growth; and restoring hope to Ghanaians,” he added.

In an address on Monday, he also highlighted the dire consequences non-participation of the programme will have on the economy.

According to him, “non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis.”

He went on to say that not signing up for the programme will jeopardise the prospects of international financial support and other financial assurances.

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This, in his view, could prohibit the government from honouring key commitments because it could “put strain and stress on the Government’s capacity”, adding that “this is not what we want for our economy.”

It would be recalled that the debt exchange programme has met stiff opposition from some bondholders.

Prior to this address, Individual Pension Bondholders picketed at the Ministry of Finance Ministry on Monday morning, demanding that they should be exempted totally from the ongoing Domestic Debt Exchange Programme. 

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About 50 of the bondholders wearing red armbands have thronged the Ministry’s premises with placards to register their displeasure over their expected inclusion in the programme.

According to the convener of the group, Dr Adu Anane Antwi, they are “rejecting government’s 15% coupon rate over 5-year maturity rate.”

But the Finance Minister, Ken Ofori-Atta appealed to Individual Pension Bondholders to accept the current 15% coupon rate offered by government.

Source: myjoyonline.com

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