In order to support elderly bondholders in their picketing to seek complete exclusion from the Domestic Debt Exchange Program, the former Chief Justice, Sophia Akuffo, has returned to the Ministry of Finance’s premises.
On Friday, the former Chief Justice joined the bondholders for the first time, drawing mixed emotions from Ghanaians and NPP leaders.
If the government’s pension funds are included in the debt swap program, she vowed to sue them.
In a tweet, prominent NPP member Gabby Otchere-Darko said he did not understand the “fuss” made by the former Chief Justice Sophia Akuffo over the inclusion of retirees in the Domestic Debt Exchange Program.
“Why picket over an offer that you have the liberty not to accept?” he quizzed.
On Tuesday, February 14, the government announced that the Domestic Debt Exchange Program (DDEP) formally ended on Friday, February 10, 2023, with more than 80% of eligible bonds participating.
On February 14, 2023, the Finance Ministry made the announcement in a statement.
In the statement, the government thanked the Ghanaian people for their “compassion and support throughout these very difficult times.”
Bondholders who chose not to participate in the scheme were also given the assurance that their financial commitments would be honored.
“We would like to stress that, all Individual bondholders, especially our Senior Citizens, should rest assured that their coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government’s Fiscal commitments.”
The government has suggested a 15% coupon rate, but pensioners have said they won’t accept any haircuts on their investment since they rely on the income from these investments for their lives.