Government’s Debt Restructuring structure unacceptable – Minority

Minority Caucus in Parliament has argued that the form and structure that the government’s debt restructuring exercise has taken is unacceptable and that the Caucus cannot support the exercise due to its dire consequences on the financial sector, pension funds and jobs in the country.

At a Press Conference in Parliament on Monday, December 5, 2022, Minority Leader, Haruna Iddrisu, explained that though President Akufo-Addo assured the public that there will be no haircuts on investments, it has become clear that the haircuts are real to the dismay of all.

They expressed frustration at the fact that the Finance Minister, Ken Ofori-Atta has announced that Ghana’s debt has become unstainable and requires a complete restructuring.

“According to Ken Ofori-Atta, Ghana’s debt is unsustainable and we cannot service it fully if we do not restructure some GHC 137 billion of our Domestic debt. Ghana is the first country in Africa to announce domestic debt restructuring. We have officially defaulted in the repayment of the terms of our existing Domestic debt,” he noted?

They Minority also noted with concern the sidelining of Parliament in the restructuring exercise and asked if some of the directives would not need parliamentary approval. They have therefore requested that government furnishes the legislators with all the appropriate details needed for approval according to the constitution.

“The NDC minority has been consistent on this matter, we cautioned and warned the government about engaging in reckless borrowing and expending it wastefully! How come contours of this exchange program was not announced in Parliament during the 2023 budget presented on 24th November 2022. Will it require legislation? How come that a major policy step of this dimension was not part of his presentation to Parliament?

“While we agree that Government is still negotiating the potential and inevitable IMF Program, it is necessary that conclusive Government plans be brought to the House for approval,” the minority requested.

Additionally, the Minority expressed shocked at the show of disrespect and disinterest in the Budget process by the very government that presented it and that they were dumbfounded as Cabinet Ministers who double as MPs and who form part of the government that has superintended over the greatest economic crisis of the country abandoning the important Budget debate and approval process only to be seen in Qatar making merry and taking selfies during the world cup.

They opined that never in the history of the country has a government exhibited such poor judgement and that by this singular act it is clear this government has no respect for the people of Ghana, or the mandate bestowed on them to govern.

By Derick Botsyoe || ghananewsonline.com.gh