Govt has started laying out debt restructuring plans to stakeholders – Bright Simons

Bright Simons

Vice President of Imani Africa, Mr Bright Simons has said that the government of Ghana has started laying out its debt restructuring plans to financial sector stakeholders.

He made this known in series of tweets on Sunday December 4.

Member of Parliament for Ajumako-Enyan-Esiam, Cassiel Ato Forosn also said that the government is going to announce what he believes is debt restructuring tomorrow Monday December 5.

He described the yet-to-be announced programme as “dreaded.”

“I am hearing the announcement of Ghana’s dreaded Debt restructuring programme will be made tomorrow! Never again should Ghana allow such reckless fiscal behaviour occasioning a massive debt accumulation over 6yrs! God save us all,” he tweeted on Sunday December 4.

READ ALSO:  Ban importation of rice now not 2022 - peasant farmers

Earlier, the Former Deputy Finance Minister said that the government’s debt exchange programme as captured in the 2023 budget statement was actually debt restructuring that was being embarked on.

In the budget statement, the Finance Minister Ken Ofori-Atta said on Thursday November 24 that “despite the heightened debt levels, Government remains committed to ensuring that debt is brought to sustainable levels over the medium to long-term.

 

“To this end, we will implement a debt exchange programme to address the challenges identified in the portfolio in collaboration with all relevant stakeholders including the Ghanaian public, investor community and development partners.”

Commenting on this , Mr Ato Forosn who is also a former Deputy Finance Minister said “Government of Ghana has finally announced a Debt restructuring programme as part of the 2023 budget! The Ghanaian public, investor community and development partners must get ready for a crude HAIRCUT!”

It is recalled that analyst including Former Finance Minister Mr Seth Terkper had ealier indicated that debt restructuring in Ghana was unavoidable given the spending that have been engaged in by the government over the period.

The Director of Communications for the New Patriotic Party (NPP) Mr Richard Ahiagbah reacted to speculations on social media that the government is going to announce a debt restructuring programme on Monday December 5.

He said he wondered what the speculators want to achieve with what he described as their panic messages on social media.

“To crash the economy? We are in a global crisis & other countries are pulling together to find solutions. Why are we working across purposes in Ghana? Stop the propaganda & support Ghana, he tweeted on Sunday.

 

READ ALSO:  COVID tax better than loans – Okyem Aboagye

By Laud Nartey|3news.com|Ghana