As the Ministry of Finance deadline for the Domestic Debt Exchange Programme expires today, Monday, January 15 some economists have challenged the government to find ways of making the program more attractive, and described the government’s current approach as daunting.
Professor Godfred Bokpin, an Economist and Professor of Finance at the University of Ghana Business School, said the government should present a more attractive program than the current one.
He said, government’s decision to restore macroeconomic stability must be done in the best interest of everyone.
Professor Bokpin called for consensus building with stakeholders as the current approach is disheartening.
“I think its just fair in the interest of national building that we are able to carry out every body along. Where we find ourselves, there’s no way government can meet its future financial obligations as and when they fall in without sharp adjustment to its fiscal in terms of expenditure and revenue. A certain level of debt restructuring, we should be able to accept as Ghanaians so that we can we can come out of this together.
We are a bit surprised. The scope and the approach that government has adopted, and I think the approach itself makes it a bit more painful much more than how much people are going to lose. Under property owning democracy, you could not tear throw people’s property and investment the way we are doing. To that extent, what then is important is accepting level of consensus building,” He said.
For his part, Emmanuel Amoah Darkwa, also an economist added that what is happening now is very grave and has a repealing effect on individuals.
He has, however, challenged government to have a broader approach to consultation with individual bondholders.
