Proposed new debt restructuring: Wicked, incompetent Akufo-Addo govt mortgaging the lives of Ghanaians – Sam George

Member of Parliament for Ningo Prampram Samuel Nartey George has described the Akufo-Addo administration as wicked and incompetent.

His comment follows the invitation to pensioners by the Finance Minister Ken Ofori-Atta to partake in a new debt restructuring he is proposing.

Speaking on the Big Issue on TV3 Monday April 17, he said “They have raped the public purse. They have stolen the purse, people lost money in financial clean up, debt exchange and now you are going for pensions funds and you say we shouldn’t talk.”

“This is a wicked, clueless and incompetent government,” he added.

Mr Ofori-Atta has proposed a new debt restructuring.

He is invitting Board of Trustees of pensions funds to permit pension funds to be added in the new proposal.

He explained that the proposal has been “crafted to facilitate the execution of the MoU, addressing the Government financial needs while maintaining the value of the pension funds.”

The proposed offer entails exchanging your current holdings of Treasury Bonds, ESLA bonds and Daakye Bonds for a menu of the currently outstanding New Bonds (issued in February 2023 and maturing in 2027 and 2028 respectively. New Bond 2027 and New Bond 2028 featuring an average coupon of 8.4 % with a ratio of 1.15x, thus entailing an increase in patrimonial value.

This complemented by an additional cash payment of 10% (strip coupon). The stream of coupons to be received as part of this proposal will therefore be 21% compared to the current 18.5% of the outstanding of old bonds.”