Minority MPs propose a proposal in the National | Politics section to force the Finance Minister to submit the DDEP to the House for approval Source: Ernest Arhinful
4:10 PM on February 17, 2023
In an effort to push the Finance Minister, Ken Ofori-Atta, to submit the Domestic Debt Exchange Plan (DDEP) for approval to Parliament, the Minority in Parliament has submitted a private members' motion.
The NDC MPs are asking that the whole government's debt restructuring package be brought before the House for additional discussion in a motion spotted by MyJoyOnline.com today, Friday, February 17.
They hold the opinion that in their capacity as Ghanaians' representatives, they must necessarily contribute to the program.
Minority MPs introduce a proposal to require the Finance Minister to submit the DDEP for approval to Parliament.
Dr. Cassiel Ato Forson, the minority leader, has already said that his party will submit a move to force the government to exempt particular bondholders from the program.
The Ajumako Enyan Essiam politician said they will take all reasonable steps to protect investors in an interview with JoyNews on Thursday.
"Our goal today was to give notice that the NDC Minority will be presenting a motion tomorrow to urge the government to exempt individual bondholders, pension funds, and pensioners from the domestic debt swap," the minority party stated.
According to Dr. Ato Forson, the purpose of filing the move is to make sure that bondholders who put their trust in the NDC government to invest in risk-free bonds are given an issuer exemption.
This is so, he claimed, since "it is apparent from the Constitution that before you apply for a loan, the terms and circumstances must be approved by Parliament."
The domestic debt exchange scheme was put in place by the government to buy itself more time to pay its debts after an economic slump and challenges servicing its debt.
The program, however, immediately encountered vehement resistance from organizations and people.
The government issued a dire warning that the nation's economy would crash without the debt swap program.
Ghana is currently asking the IMF for a $3 billion bailout to support the faltering national economy.
One of the prerequisites is the local debt restructuring plan before the board of the Bretton Woods institution would consider Ghana's request.
In December, Ghana and the IMF reached a staff-level agreement that made the $3 billion rescue possible. By Sascovibesgh.
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