Former Chief Executive Officer (CEO) of the Ghana National Petroleum Commission (GNPC), Alex Mould, has described the government’s posture on the Domestic Debt Exchange Programme as ‘arrogant’.

He took a swipe at the government for failing to properly explain to Ghanaians the factors that led to the economic crisis the country finds itself in.

Speaking on Citi TV’s Face to Face, with Umaru Sanda, Mr. Mould, said, “Government has to be humble and explain to people how we got here, and how we will get out of this mess and what help is needed by everybody, and why we are going to the IMF. I find this government very arrogant, they are telling us that the Domestic Debt Exchange Programme is voluntary. Somebody came and said your current bonds will be worthless if you don’t do it. Is that how you treat people who were there for you when you needed them?”.

The former CEO of GNPC suggested to government to cut down on its excessive expenditure, as a sign of showing remorse over the economic mess.

“It will be a good gesture from government to say they will reduce expenditure by GH¢30 billion because we have all these funny manifesto promises, policies, programmes which we can either halt for a while or scrap. Government is bankrupt and needs to be serious, disciplined and show its creditors that they are remorseful. They have failed,” he pointed out.

However, the Minister of Finance, Ken Ofori-Atta, says a technical committee will be formed to ensure continuous engagement with all stakeholders involved in the programme.

He made the announcement after meeting leaders of individual bondholder groups and other stakeholders at the Finance Ministry on Wednesday, January 18, 2023.

The meeting between the Minister and the groups was expected to help iron out issues surrounding the debt exchange programme.

The deadline for signing up for the programme has been fiercely resisted and has been postponed by the government several times.