Ken Ofori-Atta appears before Parliament over DDEP; days after sealing 80% participation

The coupon payment is seen as a testament to the government's commitment to ensuring a stable and thriving financial market.
Finance Minister Ken Ofori Atta

The Finance Minister, Ken Ofori-Atta, is expected to appear before Parliament later today over the government’s Domestic Debt Exchange Programme.

It follows a directive by the Speaker, Alban Bagbin, to the Business Committee of the lawmaking chamber to summon the beleaguered minister to brief parliament on the programme that has led to a series of agitations among Ghanaians.

Deputy Majority Leader, Alexander Afenyo-Markin, on Friday said the Business Committee had an assurance from the minister that he would appear before the house today.

Meanwhile, the finance minister told pensioner bondholders that opting out of the Domestic Debt Exchange Programme means they cannot trade their papers in case of crisis.

“This means that in the event of a crisis, your ability to trade your papers is diminished. But, that’s the choice you made,” he said when he addressed the picketing pensioner bondholders at the premises of the ministry on Wednesday, February 15, 2023

The government on Tuesday, January 14, 2023, closed the Domestic Debt Exchange Programme with over 80 per cent participation of eligible bondholders.

The voluntary programme seeks to tackle the current economic crisis, bring back macroeconomic stability and guarantee sustainable growth.

This comes after five deadline extensions as various groups sought exemptions or improved terms to participate.

Not executing DDEP would have brought grave disorder

According to the government, not executing the domestic debt exchange programme would have brought “grave disorder” in its ability to service the country’s ballooning national debt and exacerbated the current economic crisis.

“The domestic debt exchange programme is being done to help protect the economy and enhance our capacity to service our public debts effectively,” the government in a statement thanking Ghanaians for their support during the torturous DDEP consultation.


Leave a Reply