Review debt exchange programme – NPP appeals to Finance Minister

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The governing New Patriotic Party (NPP), is appealing to the Finance Minister, Ken Ofori-Atta to exempt smaller bondholders from the debt exchange programme.

The party says bondholders like pensioners and others should be excused from the programme.

General Secretary of the NPP, Justin Koduah in a meeting with the Finance Minister and other party leaders said the party’s headquarters has been flooded with calls for government to consider the debt exchange programme.

The party therefore wants government to find alternative ways to deal with the issue.

The government has extended the deadline for bondholders to voluntarily exchange their bonds for new ones for the third time.

It is currently unclear how many institutions or individuals have signed onto the programme which has been rejected by several groups.

In the government’s quest to address the country’s ongoing economic challenges, it launched the programme to invite holders of bonds to voluntarily exchange approximately GH¢137 billion domestic notes and bonds of the Republic including ESLA and Daakye for a package of new bonds.

The domestic debt exchange program since its announcement has faced huge opposition from labour groups which managed to get pension funds exempted. Other groups including the Individual Bondholders Association have also rejected the programme.

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