Rejecting DDE: IBF Conveners draft for members response to invitation to debt programme by banks, others

Conveners of the Ghana Individual Bondholders Forum, have drafted for its members, a response declining invitation to government’s domestic debt exchange programme.

The draft response sighted by norvanreports reads as follows:

*DRAFT RESPONSE TO YOUR BANK WHEN THEY SEND YOU, THE DOMESTIC DEBT EXCHANGE FOR YOUR CONSIDERATION*

Dear [Financial Institution’s Name],

Thank you for offering me the opportunity to participate in the domestic debt exchange program. After careful consideration, I have decided to decline this offer. It is unpatriotic and not well thought-through.

I understand that this program aims to reduce debt and allegedly improve the country’s financial situation, however, I have evaluated my current financial situation and have determined that it is not the best option for me at this time.

I appreciate your consideration and understanding in this matter. Kindly advise government to relook its expenditure to sustain its debts.

Thank you for your time and assistance.

Sincerely,

[Your Name]

The draft is in furtherance to the IBF’s request for its members to reject and refrain from complying with the mandatory deadline imposed under the Domestic Debt Exchange Programme [DDEP] by Government.

Meanwhile, advised government to open a channel of communication for immediate frank, transparent and sincere dialogue on the DDEP with the IBF with the view to seeking an effective resolution to the developing impasse and the fast-depleting confidence in the Ghanaian economy.

“We call on government to demonstrate the needed sensitivity to enable a constructive resolution in the best interest of all,” it added.

The group has also called on labour unions to join them in the fight for the preservation of hard-earned savings invested by the Ghanaian public which also includes their members, further adding “we also look forward to partnering likeminded groups and organizations to achieve our joint goals”.