Since its announcement on December 5 last year, government’s Domestic Debt Exchange Programme (DDEP) has been met with fierce opposition and widespread public resistance.
Apart from individual bondholders, civil society organisations, academics, finance experts as well as the Minority in Parliament and a host of other well-meaning Ghanaians have vehemently resented the policy.
The latest critic of the programme is the chief scribe of the Convention People’s Party, Nana Yaa Jantuah.
Speaking on TV3 on Thursday, the politician expressed surprise about the circumstances that engendered the recent picketing by some pensioners at the Finance Ministry, who were calling on government to exempt them from the programme.
Nana Yaa Jantuah, in an emotional submission, with tears rolling down her cheeks said “So doesn’t Ken Ofori-Atta have pity on them? Why? How can you do this? You don’t even care”.
She continued, “You make these old people come to the Ministry and picket? You don’t care. These are elders. They have worked for this. I mean it was so sad and me when I look, I said what is the meaning of this?”
Nana Yaa Jantuah also expressed frustration about the state of investments in the country, adding that she is appalled by the NPP’s hopes of winning the 2024 general election amidst the current economic crisis.
“You have mismanaged the economy, made yourself rich, made your people rich, made everybody rich within your space … and you want to treat Ghanaians like this?
“And you sit down and you tell us that you want to be break the eight, as if we’re fools. How can you treat us like this? How?”, she further questioned.
The emotional submissions of the CPP leader follow a similar reaction on Joy FM’s Super Morning Show when medical doctor and financial advisor, Dr Yaw Perbi, broke down during a discussion on the Domestic Debt Exchange Programme (DDEP).
Dr Yaw Perbi said he had encouraged many health practitioners in the country to cultivate the culture of investment and thus is pained by the turn of events.
While recollecting the sacrifices he and his colleagues had to make to gain the principal to buy bonds, Dr Perbi could not help but break into tears.
“We sacrificed student loans and some entertainment among others. And now, those who were just blowing their money are laughing at us. They’ll be saying ‘you should have chopped the money’”, he said on Monday.
Although hurt by the ongoing debt exchange, Dr Perbi encouraged his colleagues not to regret their decision to invest.
Meanwhile, Finance Minister, Ken Ofori-Atta, has reiterated the relevance of government’s Domestic Debt Exchange Programme (DDEP).
In an address on Monday evening, the sector minister stressed that the programme is designed to help the country recover from its current economic difficulties, hence the need for all bondholders to rally behind it.
While underscoring the benefits of the programme, he said it will enhance economic growth, as the country awaits support from its ongoing engagements with the International Monetary Fund (IMF).
The Finance Minister made these remarks on the eve of an earlier deadline for the subscription of the programme which expired on February 7.
But after the expiration, government has now announced an administrative window for bondholders to complete processes for tendering their bonds.
A statement issued by the Ministry of Finance and signed by the Sector Minister, Ken Ofori-Atta, said the window ends at 4pm on Friday February 10, 2023.
According to the statement, the extension of the window is as a result of technical challenges experienced by some bondholders as they tried to complete the online tender process.
It is believed that a sudden rush by bondholders to sign up close to the deadline placed a strain on the IT infrastructure.
Thanks for reading from MyGhanaMedia.com as a news publishing website from Ghana.