Ken Ofori-Atta sets-up technical committee to engage individual bondholders
The Ministry of Finance, led by Ken Ofori-Atta, has set up a technical committee to engage individual bondholders on their inclusion in the domestic debt exchange programme.
The set-up of the committee follows a closed-door meeting with Conveners of the Ghana Individual Bondholders Forum on Wednesday, January 18, 2023.
Convener for Individual Bondholders Forum, Senyo Hosi who was present at the meeting stated in an interview that the Committee after its work will make some recommendations upon which the exclusion of their bonds will be decided.
“We have agreed to set up a committee to work together on proposals that can help manage the challenges…we are looking forward to that committee starting work tomorrow.
“A technical committee is to come up with some work and based on those analysis, there will be a position that the Finance Ministry will take. We will come up with our recommendations jointly and we want to believe that we will all find a reason in trying to exempt the individual bondholders,” he remarked.
Per reports, the Committee will immediately have its first meeting today, Thursday, January 19.
Meanwhile, the Finance Minister maintains that government’s debt exchange programme is a voluntary exercise, adding that government anticipates an 80% per cent success rate for the programme.
Further noting that the percentage will be enough to keep the economy stable.
According to him, he has chanced “on dramatic videos as if the programme has already commenced” but it has not, adding that “it is a voluntary exercise.”
Mr. Ofori-Atta has also disclosed that government will grant some concessions to individual bondholders under the programme.
He, however, ruled out any move to abolish the programme or grant total exemption to individual bondholders.
“We are looking at a situation where maybe the zero coupon for bondholders in 2023 should be changed going forward”, he said in an interview on the yet-to-be-aired PM Express Business Edition.
He further noted that government is fully committed to taking measures that will lessen the burden on individual bondholders who have expressed worry about the current structure of the debt exchange programme.
