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Opinions of Thursday, 19 January 2023

Columnist: Nana Frema Busia

Finance Minister must stop illicit cut-throat debt exchange

Finance Minister Ken Ofori-Atta Finance Minister Ken Ofori-Atta

A standing ovation goes out to Individual bondholders especially Pensioners exercising their right to Reject Finance Minister, Ken Ofori Atta's unilaterally bulldozed "intensive care unit haircuts". It is a cut-throat dictatorship being shoved down bondholder throats to stifle livelihoods and must be stopped in its unacceptable murderous tract.

Dear oman Ghana, Why don't we vote for the International Monetary Fund "IMF" as our life President to govern in perpetuity come 2024? That way, we will acknowledge our continual "colonised" status and not pretend we are a proud sovereign nation as opined lamely by an untamed Ken Ofori Atta now doing illicit and callous bondholder Debt Exchange 'haircuts' Enroute IMF bailout to authenticate that We live in a persistent IMF caged dependence.

How is it justifiable that Pension funds of active workers can be exempted while including individual Pensioners' holdings?

So our President did not tell us the truth when he announced no "Haircuts" as a precursor to the Finance Minister announcing comprehensive "haircuts"? And the finance minister did not tell us the truth when he announced Individual bondholders will be excluded. Ostensibly sebe o taflatse, one could be pardoned to think they EITHER do not know what they are doing.

They have deceitful Antennas

This is Anathema
So, Review the National Anthem
Resist Debt Exchange Terms
Because It is outrageous in Theme
To get out of debt
By Stealth As a Scheme?

Being financially Maimed
Is an infamous Aim
What a mighty Shame
Ghana beyond aid?
Pensioners in a servitude Sale
With Bonds Frozen As they Age
Without wages, they wail
Senior Citizens cannot Exhale
Cos Our government is Stale
After all their tall Tales.
So, Resist oppression before it is Late"
While Awaiting IMF Bail.

Let us understand that a government bond is prefaced on Trust. It is a contractual "loan" with a sovereign undertaken to honor the interest terms within a specified time frame and deliver the principal when due. It is underwritten by the credibility and honor of governments as a safe investment vehicle.

This is an agreement that cannot be legitimately varied without the negotiated voluntary consent of bondholders which has to be by free will and not be coerced by "communist inferior tactics"!

Consequently, irresponsibly throwing caution to unconscionable winds to unilaterally vary the terms of bondholder agreements to their detriment and to coerce compliance by overt or covert threats of loss of principal when the government is in breach of the original terms including forfeiture of interest for a year and postponing subsequent due dates is an egregious example of stealth of wealth.

This also effectively equates to making the bondholder pay damages to the erring government that is in breach!

Furthermore, putting guilt on bondholders as though it were a patriot's duty to offer sacrificial relief for self-serving governmental borrowing escapades that have run amok, is an untenable proposition.

It is the obligation of the insolvent government that has regressed into a raw militarized "Yentua" i.e we shall not pay culture, that should be pleading on its knees for bondholders to come to the negotiating table not vice-versa.

And, By the by, Where is the national honor when IMF leads an international "Yentua" debt cancellation initiative on "proud sovereign “Ghana’s behalf? What kind of credibility does it give the country when IMF “controls" our financial destiny to keep us marginalized and without dignity at the humanity conference where Africa is a perennial child with a plea for help?

Oh Ghana, my Ghana how can you be in such perpetual financial starvation that IMF is your loud alleluiah Chorus" of everlasting "salvation"