'Debt exchange programme state-sponsored pickpocketing' – Individual Bondholders Forum

The Individual Bondholders Forum (IBF) has described the government’s debt exchange programme as state-sponsored pickpocketing.

According to the Convenor of the Forum, Yaw Owusu Brefo, the government has employed a cunning way of dipping its hands deep into the pockets of bondholders and taking their money.

Government’s debt exchange programme has been extended further for the third time after heightening agitations by stakeholders.

According to the Finance Ministry, the move is to afford them the opportunity to have some stakeholder engagements.

The minority in parliament is demanding an immediate suspension of the ongoing domestic debt exchange program urging the government to engage further with stakeholders.

Speaking on Ghana Kasa on Kasapa FM/Agoo TV Tuesday, the Convenor of the Individual Bondholders Forum, Yaw Owusu Brefo, stated that the government debt exchange programme is nothing but plain thievery.

“This government has disrespected the individual bondholders by the way it has treated us. The government has mismanaged the economy and run into debt to the extent that it is desperate to use any means possible to find money to run the State’s affairs. What this government is doing with this domestic debt exchange programme amounts to State-sponsored pickpocketing. The government is dipping its hands deep into our pockets and taking out our money. It is plain thievery. The country is too indebted to a level where we can’t pay back. The government wants to use our money as a guarantee to secure another loan from the IMF.”

“What is going on now is like, the government has given us DDT to drink and die by 6:00pm. When it was 6pm and we said we’ll not drink, it extended the time to the next day morning. The nature of the debt exchange programme put together by the government will only kill us. People will go hungry and just die because we will not have money to buy food. These are ordinary people who have bought government bonds and they shouldn’t be treated like this,” Yaw Owusu Brefo added.