I’m not against debt restructuring; but there must be dialogue – Mahama

In an address at Chatham House in London on Friday, January 27, the former President said Ghana has to restructure its debt to revive the economy but lamented the wrong procedure adopted by the Finance Minister which he said has led to the massive rejection of the programme by Individual Bondholders and various labour unions.

What has been the contention is the lack of dialogue and consultation with the debt holders on the domestic side.

In the government’s quest to address the country’s economic woes, the government launched the Debt Exchange 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 that managed to get pension funds exempted

Several groups made up of individual bondholders have also rejected the programme by the government.

The Individual Bondholders Forum on Thursday petitioned Togbe Afede XIV, the Agbogbomefia of the Asogli State, to help them get an exemption from the Domestic Debt Exchange Programme.

Addressing the former President of the National House of Chiefs on Thursday, the Convener of the Individual Bondholders Forum, Senyo Hosi said: “Togbe the matter is an eye red matter and for someone who has led the capital market and being one of the players who birthed the capital market, besides your royal place as the Agbogbomefia of the Asogli State, you are a pioneer in this industry, I do not want to believe this is your voice and the destination you assured us when your voice was heard back then.