Signing up to debt exchange programme voluntary – Ofori-Atta

The Minister of Finance, Ken Ofori-Atta, has reiterated that the debt exchange programme is voluntary, and no bondholder is bound to accept the terms of the programme.

Giving his opening remarks ahead of a meeting with individual bondholders on Wednesday, January 18, Mr Ofori-Atta said the government is targeting an 80 percent participation in the programme to help the government progress with plans to restructure the crisis-hit economy.

He also assured that the welfare of Ghanaians will be considered in finalizing the programme.

“It is a voluntary programme and the expectation is that we have an 80 percent participation and so, that should be factual for everybody,” Mr Ofori-Atta said.

In the government’s quest to address the country’s economic woes, the government 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.

It is currently unclear how many institutions and individuals have signed onto the programme.

The domestic debt exchange program since its announcement has faced huge opposition from labour groups which managed to get pension funds exempted. Several groups made up of individual bondholders have also rejected the programme by the government.

The individuals have threatened to sue the government if not excluded insisting the programme will negatively impact them.