The National Association of Graduate Teachers (NAGRAT) is calling on the government to abort the domestic debt exchange programme.

Government after securing a staff-level agreement with the International Monetary Fund (IMF) has been trying to get bondholders to subscribe to the controversial debt exchange programme, however, it has faced stiff opposition from various groups.

Pensioner bondholders for instance have been picketing at the Finance Ministry since last week demanding total exemption of their investments from the exchange programme even though government has proposed a 15% coupon rate at 5 years maturity.

Speaking to Citi News on the sidelines of the St Mary’s Senior High School 73rd speech and prize-giving day, NAGRAT President Angel Carbonu urged the government to halt the domestic debt exchange programme and explore alternative means of solving the country’s economic challenges

“The domestic debt exchange should not even have started at all. It is a non-starter programme. The government should have looked for other innovative means of making up its own balances. This debt exchange thing is strange to our economic lexicon, so it shouldn’t have started at all. Now look at what is happening, elderly citizens of this country who have sacrificed their lives today are those who are picketing the ministry of finance. We will call on the government to suspend…to abort the debt exchange programme altogether,” he said.

Angel Carbonu indicated that the economy will not crush adding that “there are other models they [government] could explore.”

He further proposed a five-year moratorium on government expenditure as well as downsizing of government as the country strives to emerge out of the economic challenges.

Meanwhile, Finance Minister Ken Ofori-Atta is scheduled to appear before Parliament on Thursday, February 16, 2023, to brief the house on the government’s debt exchange programme.