NPP to Ofori-Atta: Possibly exclude small bondholders from debt exchange program

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The New Patriotic Party (NPP) has requested that the government look into the prospect of exempting individual minor bondholders, particularly seniors, from the government’s debt swap scheme through the Finance Minister, Ken Ofori-Atta.

On Friday, January 13, 2023, when the Finance Minister visited the headquarters of the ruling party, Mr. Justin Kodua Frimpong, the NPP’s general secretary, made the request.

Mr. Koduah has asked the Finance Minister to critically examine the proposal since he claims that the party’s leadership is still constantly receiving these worries.

Debt restructuring was required since the government is now negotiating a $3 billion loan facility arrangement with the International Monetary Fund (IMF).

The New Patriotic Party (NPP) has requested that the government look into the prospect of exempting individual minor bondholders, particularly seniors, from the government’s debt swap scheme through the Finance Minister, Ken Ofori-Atta.

On Friday, January 13, 2023, when the Finance Minister visited the headquarters of the ruling party, Mr. Justin Kodua Frimpong, the NPP’s general secretary, made the request.

 

Mr. Koduah has asked the Finance Minister to critically examine the proposal since he claims that the party’s leadership is still constantly receiving these worries.

Debt restructuring was required since the government is now negotiating a $3 billion loan facility arrangement with the International Monetary Fund (IMF).

Mr. Ofori- Atta’s visit to the NPP headquarters was in reaction to the Party-Government Engagements project that the Party leadership had launched, which was intended to bridge the gap between government appointees and other party stakeholders.

The party’s national leadership, led by Chairman Stephen Ayesu Ntim, gave him a kind welcome.

In his welcoming speech, Mr. Ntim said that the introduction of the party-government engagements resulted from the urgent necessity for more cooperation between government appointees and Party stakeholders in front of the general elections of 2024.

Mr. Ofori-Atta, for his part, acknowledged that Ghana will experience challenging socioeconomic conditions in 2022 as a result of soaring inflation and rising interest rates that led to a crisis in the cost of living.

However, he pointed out that the Ministry of Finance is committed to achieving macroeconomic stabilization in order to create a supportive environment for companies to flourish and to improve the standard of life for the general public.

He described how Ghana’s economy became one of the fastest-growing in the world during the first term of the Akufo-Addo administration.

Mr. Ofori-Atta pointed out that the Akufo-Addo administration has set the socioeconomic groundwork for Ghana to enter a new era of sustained economic development and prosperity.

However, he said that the ongoing conflict between Russia and Ukraine and the disastrous effects of the COVID-19 outbreak on the local economy have created difficulties for both businesses and individuals.

He re-energized the party’s leadership to support the government’s corrective measures aimed at recovering the economy and gave the assurance that the government is dedicated to bring the economy back on track.

He said that the Extended Credit Facility (ECF) deal between the government and the IMF will revitalize and stabilize the regional economy.

Furthermore, he gave the party’s leadership the assurance that the government would not abandon the free senior high school program, which is still a crucial social safety net for the majority of Ghanaians.

In his closing remarks, the Minister of Finance thanked the party’s leadership for their kind welcome and praised them for their insightful advice.

The flawless running of the party’s presidential and parliamentary primaries is essential to the party’s effort to win an unprecedented third straight set of general elections and “Break the Eight,” he further encouraged the party’s leadership.

Source: Ghanatodayonline.com

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