Kwame Pianim, a well-known economist and a founding member of the ruling New Patriotic Party (NPP), has accused Finance Minister Ken Ofori-Atta of imposing his debt exchange program without giving it enough thought before implementing it.
He argued that Ghanaians will endure suffering for 30 to 40 years as a result of the decision.
Mr. Pianim is unsure of the program’s authenticity, particularly given Ken Ofori-Atta’s failure to follow the Attorney General’s advice.
Domestic bondholders could lose up to 60% of their investments through the Government’s Domestic Debt Exchange program, which was part of the requirements for an International Monetary Fund (IMF) bailout. These bondholders, particularly individual bondholders, have resisted this.
Not only does the program appear ill-conceived and unconstitutional to Mr. Pianim, but it is also a ticking time bomb.
“Permit us to carry out this program, Ken Ofori-Atta Okayaying. However, this is ill-conceived and has not been carefully considered. Ken is putting this exchange program under this economy like a time bomb.
We are going to suffer from it for 30 to 40 years. In an interview with TV3, he stated, “It is a time bomb because he is squeezing billions of Cedis from this economy.”
In the meantime, a few bondholders have threatened illegal action if the government continues with the program.
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