{"id":9978,"date":"2023-01-16T16:16:27","date_gmt":"2023-01-16T16:16:27","guid":{"rendered":"https:\/\/expressnewsghana.com\/?p=9978"},"modified":"2023-01-16T16:17:25","modified_gmt":"2023-01-16T16:17:25","slug":"you-cant-transfer-results-of-your-reckless-policy-on-ghanaians-minority-tells-nana-over-debt-exchange","status":"publish","type":"post","link":"https:\/\/expressnewsghana.com\/?p=9978","title":{"rendered":"You can\u2019t transfer Results of your Reckless Policy on Ghanaians- Minority tells Nana over Debt Exchange"},"content":{"rendered":"

The Minority caucus in parliament has charged the government to suspend the Domestic Debts Exchange Programme rather than transferring its reckless policies on Ghanaian investors.<\/strong><\/p>\n

According to the caucus, the Domestic Debt Exchange Program will create extreme hardships for millions of Ghanaians and existing financial institutions.<\/p>\n

In the view of the Minority, the domestic debts exchange programme was entirely avoidable had the Akufo-Addo\/Bawumia government heeded wise counsel from the opposition and Civil Society on prudent management of our finances and economy.<\/p>\n

The Minority made the call at a press conference in Parliament on Monday, January 16, 2023.<\/p>\n

\u201c It is obvious that the Akufo-Addo\/Bawumia is transferring the responsibility to address the debt burden it has created through reckless borrowing and populist fiscal policies to only innocent Ghanaians and the financial sector. For instance, the 2023 budget projects a primary surplus of only 1% which means that we will be reducing the public debt by only 1% of GDP this year.<\/p>\n

\u201cThis also means that not enough expenditure cuts are being made by the government at a time when it is almost forcibly asking bondholders to forfeit interests and principal payments due them. We demand further demonstration of responsibility from the government through more substantial cuts in non-essential expenditure and a reduction in the humongous size of government,\u201d Minority Leader, Haruna Iddrisu said.<\/p>\n

\u201cWe are at a loss as to why individual pension contributors have not been offered the same exemptions that Tier 1 and 2 contributors have been given. This anomaly must immediately be rectified,\u201d the Minority said.<\/p>\n

Below is the Full Statement <\/strong>
\nGiven the above, we call on the government to immediately suspend the domestic debt exchange program and engage in more comprehensive consultation on the matter with all stakeholders and the Ghanaian people.
\n<\/strong>We call on all stakeholders for a national dialogue on the state of our economy and debt exchange prgramme with the view to achieving the most workable and least punitive steps that protect Ghanaians and households from the disastrous
\n<\/strong>effects of the domestic debt exchange program as currently designed.
\n<\/strong>We wish to take this opportunity to indicate our intention to embark on nationwide roadshows to foster a deeper understanding of this matter and rally Ghanaians to demand a more favourable resolution to the unprecedented economic crisis
\n<\/strong>the Bawumia-led economic management team has plunged us into.<\/p>\n

\"\"<\/strong>
\nPRESS STATEMENT READ BY THE MINORITY LEADER AND
\nMEMBER OF PARLIAMENT FOR TAMALE SOUTH, HON HARUNA
\nIDDRISU ON THE DEBT EXCHANGE PROGRAMME BY THE
\nNANA ADDO \/ BAWUMIA GOVERNMENT
\n<\/strong>Good Morning, Ladies and Gentlemen of the Press,
\nWe are here today to register our profound dissatisfaction with the Nana Addo Bawumia Government Debt Exchange Programme is threatening the very survival of our financial sector. Today, Ghana is rated alongside Sri Lanka and Lebanon, what an irony! a reflection of the horrendous mismanagement of the economy.
\nIt is no secret that Ghana today is in debt Distress. This has been confirmed by both the finance minister and the International Monetary Fund (IMF). [Sika nu \u1d08ni h\u2184! [to wit, there is no money].<\/p>\n

The Minister of Finance, in the 2023 Budget Statement, presented a gloomy picture of Ghana\u2019s debt situation. He said in paragraph 275: \u201c\u2026 our internal Debt Sustainability Analysis (DSA) shows that the public debt position in the medium-term is unsustainable and requires immediate redress. The analysis
\nidentified a number of risks <\/strong>including the cost of funding risks, rollover\/refinancing risks, elevation in market risks, contingent liability risks, operational risks, liquidity risks and legal risks<\/em><\/strong>.\u201d
\nThe Minister then proceeded to announce a \u201cdebt operation programme\u201d in paragraph 276 thus: \u201c\u2026 to sufficiently address these risks and bring the debt stock
\nto sustainable levels, the government is embarking on a debt operation programme. <\/strong>The debt operation programme among other measures will address the internal and external imbalances in the economy
\nIndeed, the Minister only used the phrase \u201cdebt exchange programme\u201d once in the 2023 Budget in one of the concluding paragraphs (see paragraph 964) when he indicated that the Government will execute a debt exchange programme. The Minister did not provide any details or parameters for us to appreciate the
\nextent of the proposed debt exchange programme. The information
\nwas just scanty.
\nOn 5th December 2022, the finance minister in announcing the commencement of the debt exchange programme [without engaging necessary stakeholders <\/strong>as promised in paragraph 278 of the 2023 Budget Statement] gave a sad report of Ghana\u2019s debt situation: \u201cThe Debt Sustainability Analysis (DSA) demonstrated
\nunequivocally that Ghana\u2019s public debt is unsustainable, and that the Government may not be able to fully service its debt down the road if no action is taken. Indeed, debt servicing is now absorbing more than half of total government revenues and almost 70% of tax revenues, <\/strong>while our total
\npublic debt stock, including that of State-Owned Enterprises and all, exceeds 100% of our GDP<\/strong>. This is why we are today announcing the debt exchange which will help in restoring our capacity to service debt.\u201d
\nSo much for a solid Economic Management Team. \u201cWe have the men\u201d indeed! Ladies and Gentlemen, the question is; How did we get here? How did we get to this hapless situation as a sovereign State? How did we get to this pit? Simple. Reckless borrowing! Sadly, the NPP Government led by Nana Addo-Bawumia has not learnt any lesson.
\nThe NPP was not only reckless in borrowing but it has been reckless in announcing and implementing the Debt Exchange Programme. It is clear that the NPP Government did not properly think through this whole idea of a debt exchange programme. This has led to manifest confusion in the implementation of the ongoing debt exchange programme. Ghanaians will recall that during the Sunday, 30th<\/sup> October 2022 Address to the Nation, the President assured all of us
\nthat Government\u2019s negotiations with the IMF will not affect individual and institutional investors. The President said: “I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in Government
\ntreasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations. There will be no \u201chaircuts\u201d, so I urge all of you to ignore the false rumours\u2026\u201d Shortly after the presentation of the 2023 Budget Statement, the
\nfinance minister, on 4th and 5th December 2022 also announced to the whole world that \u201cThere will be NO haircut on the principal of bonds\u201d and that \u201cIndividual holders of bonds will not be affected.\u201d Talk about the sudden U-turn to include individual bondholders.
\n<\/em><\/strong>It is trite knowledge that a substantial number of money in financial institutions comes from private individuals. It is, therefore, highly reprehensible for the finance minister to say that financial institutions will be affected by the debt exchange programme but individual bondholders will not be affected. What kind of warped
\nlogic is this?
\nThe failure of the Nana Addo \/ Bawumai Government to fully engage the relevant stakeholders in the Debt Exchange Programme has led us to this confused state and implementation challenges.
\nThe Debt Exchange Programme is a risk to financial institutions and to insurance companies. Our banks and other financial institutions are still reeling after the infamous financial sector bailout. The Debt Exchange Programme will further exacerbate the already perilous financial sector. The last thing Ghanaians would want is a total collapse of the financial sector by a government that went haywire
\non a borrowing spree. The future sustainability of our insurance companies cannot be guaranteed under this poorly crafted Debt Exchange Programme. Indeed, the Debt Exchange Programme as proposed and implemented now cannot be in the interest of our financial institutions and insurance companies. It certainly is not in
\nthe best interest of Ghanaians.
\nIt is on this score, that we the NDC Minority Group call on the Nana Addo \/Bawumia Government to immediately suspend the ongoing Debt Exchange Programme. There should be deeper consultation and greater transparency about Ghana\u2019s total debt and its management. The Nana Addo \/Bawumia Government cannot continue to manage Ghana\u2019s economy like a private entity.
\nGhanaians deserve to know how much is involved and how long the debt exchange will take. It is not just about people\u2019s investment, but it is much more about people\u2019s lives and livelihood. The Nana Addo\/Bawumia Government should suspend the Debt Exchange Programme now!<\/p>\n

\"\"
\nSTATE OF OUR ECONOMY
\n<\/strong>An unsustainable public debt on which we have defaulted, a rapidly depreciating currency, hyperinflation, and rising interest rates, an excruciating cost of living crisis resulting in considerably harsher economic conditions which has led to mass suffering of Ghanaians, are but a few of the symptoms of the economic collapse supervised by Alhaji Dr. Mahamud \/Bawumia and his Economic Management Team.
\nDuring the 2020 election year in particular, the AkufoAddo\/Bawumia government consigned fiscal discipline to the dustbin and resorted to high-expenditure, populist and misguided programs which contributed immensely to the accumulation of
\nGhana\u2019s current unsustainable Public Debt.
\nThe inevitable but dire consequence of this reckless and irresponsible behavior was soon to manifest after the elections. Even when it became abundantly clear, that an IMF program was the surest way to halt the decline of the Ghanaian economy and restore badly needed investor confidence, Alhaji Bawumia, and his EMT refused to budge, preferring instead to sell a dubious narrative that they could resolve the challenges without external intervention.
\nThey were, however, compelled In July 2022, to change their intransigent position to this tune and applied to the IMF for a financial bail out\u201d of US$ 3 billion.
\nA Debt Sustainability Analysis (DSA) conducted by the IMF revealed and confirmed the Minority\u2019s earlier position, obvious, that Ghana\u2019s debt was unsustainable and as a prerequisite for granting Ghana\u2019s request, we were required to bring our total Public Debt to a sustainable level of 55% of GDP.
\nIt is in a bid to meet this IMF conditionality that this government has embarked on a Debt Restructuring Program dubbed a Debt Exchange Program to bring our debt obligations to sustainable levels.
\nStripped of the fancy jargon, this means that both domestic and external bondholders will not be receiving interest and principal payments due them from government in the agreed amounts and within the agreed timeframe.<\/p>\n

This is cynically referred to as \u201chaircuts\u201d and will be especially catastrophic for domestic bondholders who primarily consist of banks, pension schemes, other financial institutions, and individuals.
\nBy June 2022, Ghana\u2019s Total Public Debt had ballooned from GHS 120.4 billion in 2016 (55.9% of GDP) to GHS 467.4 billion (78.3% of GDP) and this is projected to rise to 104% of GDP at end of 2022 when contingent liabilities of State-Owned Enterprises are included.
\nThe international capital market which had been available to the Ghana Government to sell Eurobonds lost faith in our ability to service loans and shut us out. Even so, there was sufficient time and opportunity to avert an economic collapse in 2021 by taking advantage of some debt relief initiatives tabled by some multilateral and bilateral partners to reduce our debt.
\nAmong these was the Debt Service Suspension Initiative (DSSI) which would have resulted in the lowering of the amount of revenue we pumped into debt service.
\nBeyond that, was the Common Framework for Debt Treatment proposed by the G20 countries which would also, have led to significant debt write-offs. But the characteristic of this administration, they chose the na\u00efve and reckless path of borrowing to resolve the problems.
\nMAJOR ISSUES WITH THE DOMESTIC DEBT EXCHANGE PROGRAM
\n<\/strong>a. Implications on the entire financial \/ banking Sector. Ghana\u2019s financial sector will be severely and adversely impacted by the Domestic Debt Exchange Program. With over GHS 60 billion locked up in government bonds, the non-receipt of any interest this year and paltry sums in subsequent years will prove the undoing of some banks. In the case of some state-owned banks, as much as 70% of their annual revenue comes from their investments in government bonds. Not paying them any interest in 2023 would effectively sound the death knell to these banks
\nwith its attendant consequences on depositors and employees who would have to be laid off. Restructuring domestic debts will undermine the health of the banking system since Capital Adequacy will become a challenge.
\nb. Effects on Pension funds- Pension funds will suffer a significant drop in value especially, Tier 2 and 3 pension payouts will drop further from their already low levels. Tier 1 (SSNIT) reserves will drop in value and SSNIT\u2019s capacity to pay
\nwill suffer. Reserves of Insurance companies will fall with implications for benefit payments Effects on individual bondholders- the inclusion of individual bondholders in the Domestic Debt Exchange, contrary to initial assurances from both the President and his finance minister, would all but wipe out Ghana\u2019s middle class and impose harsh suffering on them, their families, and dependents. We now know that the reality is different. What Minister Ofori-Atta announced is different from what is being implemented. Ghanaian individuals have started receiving text messages from their banks. Yesterday, about 1.3 million affected individual bold holders petitioned Parliament for a reversal of the Government\u2019s Debt Exchange Programme. This must be the largest and most voluminous petition on a single matter ever presented to Parliament in our country\u2019s history. It is inconceivable
\nto accept that individual bonds will be affected.
\nFrom the outset, there have been clear inconsistencies in pronouncements and the actual implementation. The haircut is real. The NPP Nana Addo \/Bawumia Government should give us a break! The Nana Addo \/Bawumia Government cannot borrow Ghana into a ditch and further drive us into a bottomless pit.
\nRECOMMENDATIONS
\n<\/strong>1. It is obvious that the Domestic Debt Exchange Program will create extreme hardships for millions of Ghanaians and existing financial institutions. It is also quite clear, that it was entirely avoidable had the Akufo-Addo\/Bawumia government heeded wise counsel from the opposition and Civil Society on prudent
\nmanagement of our finances and economy.<\/p>\n

    \n
  1. The Akufo-Addo\/Bawumia is transferring the responsibility to address the debt burden it has created through reckless borrowing and populist fiscal policies to only innocent Ghanaians and the financial sector. For instance, the 2023 budget projects a primary surplus of only 1% which means that we will be reducing the public debt by only 1% of GDP this year.
    \nThis also means that not enough expenditure cuts are being made by the government at a time when it is almost forcibly asking bondholders to forfeit interest and principal payments due them. We demand further demonstration of responsibility from the government through more substantial cuts in non-essential expenditure and a reduction in the humongous size of the government.
    \n3. We are at a loss as to why individual pension contributors have not been offered the same exemptions that Tier 1 and 2 contributors have been given. This anomaly must immediately be rectified.
    \n4. The inclusion of individual bondholders in the DDE is the biggest transfer of funds from the pockets of Ghanaians to the government and will leave affected persons, mainly the middle-class, impoverished while worsening the plight of the poor. This must immediately be stopped.
    \n5. The Akufo-Addo\/Bawumia government is simply imposing an almost 80% tax in present value terms on the savings of Ghanaians and our bank balances without any consultations with affected individuals
    \n6. They are also imposing about 80% tax in present-value terms
    \non bank capital and deposits.<\/li>\n
  2. In view of the above, we call on the government to immediately suspend the domestic debt exchange program and engage in more comprehensive consultation on the matter with all stakeholders and the Ghanaian people.<\/li>\n<\/ol>\n

    We call on all stakeholders for a national dialogue on the state of our economy and debt exchange prgramme with the view to achieving the most workable and least punitive steps that protect Ghanaians and households from the disastrous
    \n<\/strong>effects of the domestic debt exchange program as currently designed.
    \n<\/strong>We wish to take this opportunity to indicate our intention to embark on nationwide roadshows to foster a deeper understanding of this matter and rally Ghanaians to demand a more favourable resolution to the unprecedented economic crisis
    \n<\/strong>the Bawumia-led economic management team has plunged us into.
    \n<\/strong>Long Live the Republic!
    \nHon Haruna IDDRISU
    \nMinority Leader &
    \nMP, Tamale South<\/em><\/strong><\/p>\n

     <\/p>\n

    Source: expressnewsghana.com<\/strong><\/p>\n

     <\/p>\n

    Send your news stories and articles to <\/em>expressnewsgh@gmail.com<\/em><\/a> or via WhatsApp at +233 0543 900 732<\/em><\/strong><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    The Minority caucus in parliament has charged the government to suspend the Domestic Debts Exchange Programme rather than transferring its reckless policies on Ghanaian investors. 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