On January 26, the Individual Bondholders Forum (IBF) requested assistance from Agbogbomefia Togbe Afede XIV of the Asogli State to help exclude them from the Domestic Debt Exchange Program (DDEP).
The organization claims that the problem is extremely important to them and their way of life.
Senyo Hosi, the convener of the Individual Bondholders Forum, enlisted the help of the revered chief.
“Togbe the matter is an eye red matter and for someone who has led the capital market and being one of the players who birthed the capital market, besides your royal place as the Agbogbomefia of the Asogli State, you are a pioneer in this industry, I do not want to believe this is your voice and the destination you assured us when your voice was heard back then.
“So we are here to petition your office, to petition you as an individual and the state of Asogli not to sit by and watch the lives of 6.5 million people devastated and subjected to shackles of penury.
“So our plea here is very simple, the steps being taken by the government are unsustainable and very unnecessary.”
The Domestic Debt Exchange Program must completely exclude all of the members of the Individual Bondholders Forum.
They have claimed that including them will undermine public trust in Ghana’s financial system and stock market.
The Individual Bondholders also recommended that the government evaluate the Free SHS Program in order to increase its effectiveness by properly targeting students and enabling parents who can afford to do so to do so.
The organization said that simply examining the free SHS and divesting the 17 underperforming SOEs will generate two billion cedis for the government.
The group also encouraged the government to reduce the non-ABFA MDA and foreign finance Capex provisions by 50%, which they say will give the 10.7 billion Ghana Cedis, in order to maintain the 2022 capital expenditure level.