The Ghana Securities Industry Association (GSIA) has rejected the debt exchange program announced by the Minister of Finance, Ken Ofori-Atta.

According to the Association, it understands the difficult crossroads at which the nation currently finds itself, however, it’s unable to accept the bond exchange program announced by the Minister of Finance in its present form.

“It is our intention to engage the MoF on our concerns and reservations. We, therefore, urge the investing public to continue to have confidence in us as we pursue this process. In this vein we entreat clients of our member firms to allow us to engage and then communicate the outcomes to enable them take the best decision on their investments,” a statement by the GSIA said on Wednesday.

The Government of Ghana this week launched Ghana’s Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds including E.S.L.A. and Daakye bonds, for a package of new Bonds to be issued by the government.

The Exchange excludes Treasury Bills in totality, and notes and bonds held by individuals (natural persons).

This follows the conclusion of Debt Sustainability Analysis as part of negotiations with the International Monetary Fund (IMF).