Pensioner bondholders elated over exemption from DDEP

The Pensioner Bondholders Forum says it is pleased with the government’s decision to officially exclude funds of its members from the Domestic Debt Exchange Programme (DDEP).

Finance Minister, Ken Ofori-Atta confirmed that all retirees who did not exchange their old bonds for new ones as required by the DDEP, have been spared from the programme.

Briefing Parliament on the programme, Mr. Ofori-Atta indicated that pensioners shouldn’t be concerned because all of their coupons and principal will be honoured when maturity is due.

The Finance Minister noted that he has formally informed the holders of pensioner bonds who did not sign the Programme of their exemption from the debt swap.

Dr. Adu Anane Antwi, convenor of the Pensioner Bondholders Forum, stated that the Minister’s decision to heed their calls for their exclusion from the programme is gratifying.

“We thank everybody, and we are happy that the government has announced what we want to hear. This is a better exemption than self-exemption. There is that clarity now. Nothing is going to affect us because no one is going to suffer a haircut”, he said on Eyewitness News.

The Pensioners have been picketing since last week demanding a total exemption from the government’s Domestic Debt Exchange Programme.

The group vowed to continue picketing at the Finance Ministry until the government heeds their demand by officially communicating to them that their investments have been exempted from the DDEP.

“Mr Speaker, in seeking to understand the concerns of our Senior Citizens, I have met with them on three occasions. The most recent was 15th February 2022, where I explained the terms of the new bonds. I subsequently wrote to their Convener, letting him know that all pensioners who did not participate in the exchange are exempted and therefore there will be no need for our Senior Citizens to picket at the Finance Ministry. Mr Speaker, I would like to thank all those who helped in those discussions”, the Finance Minister told Parliament.