Ken Ofori-Atta, Senyo Hosi
INDIVIDUAL BONDHOLDERS and the Ministry of Finance have agreed to set up a technical committee for further engagement on their inclusion in the Debt Exchange Programme.
This follows a closed-door meeting between the Finance Ministry and the leaders of the individual bondholders in Accra.
Convener for Individual Bondholders Forum, Senyo Hosi, who was present at the meeting, said the committee, after its work, would make some recommendations upon which the exclusion of their bonds would be decided.
“We have agreed to set up a committee to work together on proposals that can help manage the challenges…we are looking forward to that committee starting work,” he said.
“A technical committee is to come up with some work and based on those analysis, there will be a position that the Finance Ministry will take. We will come up with our recommendations jointly and we want to believe that we will all find a reason in trying to exempt the individual bondholders,” he added.
Meanwhile, the Finance Minister, Ken Ofori-Atta said government’s Debt Exchange Programme was a voluntary exercise.
Mr. Ofori-Atta said government anticipated an 80 per cent success rate.
He noted that the percentage would be enough to keep the economy stable.
According to him, he has chanced “on dramatic videos as if the programme has already commenced” but it has not, adding that “it is a voluntary exercise.”
Mr. Ofori-Atta has also disclosed that government will grant some concessions to individual bondholders under the programme.
He, however, ruled out any move to abolish the programme or grant total exemption to individual bondholders.
“We are looking at a situation where maybe the zero coupon for bondholders in 2023 should be changed going forward,” he said.
Mr. Ofori-Atta noted that government is fully committed to taking measures that will lessen the burden on individual bondholders who have expressed worry about the current structure of the Domestic Debt Exchange Programme.
BY Jamila Akweley Okertchiri