{"id":1264166,"date":"2022-12-12T09:29:53","date_gmt":"2022-12-12T09:29:53","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/12\/12\/debt-exchange-governments-promise-of-no-haircut-a-mockery-togbe-afede\/"},"modified":"2022-12-12T09:29:53","modified_gmt":"2022-12-12T09:29:53","slug":"debt-exchange-governments-promise-of-no-haircut-a-mockery-togbe-afede","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/12\/12\/debt-exchange-governments-promise-of-no-haircut-a-mockery-togbe-afede\/","title":{"rendered":"Debt exchange: Government\u2019s promise of \u2018no haircut\u2019 a mockery – Togbe Afede"},"content":{"rendered":"

<\/p>\n

The Agbogbomefia of the Asogli State and former President of the National House of Chiefs, Togbe Afede XIV<\/p>\n

\n

The Agbogbomefia Paramount Chief of Asogli State has described the government\u2019s promise of \u201cno haircuts\u201d in the ongoing debt exchange programme as a mockery.\u00a0<\/p>\n

Togbe Afede XIV said the opposite is currently happening.\u00a0<\/p>\n

According to him, a reduction in a promised coupon simply means a \u201chaircut.\u201d<\/p>\n

In a 14-page opinion piece, the venerable chief lamented about the impact of the situation.\u00a0<\/p>\n

He questioned how a country blessed with so many resources could be mismanaged into this state.\u00a0<\/p>\n

\u201cWe are now faced with questions about debt sustainability and our ability to find the fiscal space to fund urgent and critical development needs.\u00a0<\/p>\n

\u201cNow, the fears about Ghana defaulting on its debt repayment have effectively materialised with the announcement of a domestic Debt Exchange Programme.\u00a0<\/p>\n

\u201cAnd we are making a mockery of ourselves talking \u2018no haircuts\u2019 when that is exactly the effect of reduction in promised coupon payments,\u201d he said.\u00a0<\/p>\n

Following the country\u2019s worrying debt stock and interest payments, government has announced a domestic debt exchange programme.\u00a0<\/p>\n

The programme which was announced by the Finance Minister, Ken Ofori-Atta on Sunday, December 4, is aimed at realigning some domestic bonds.\u00a0<\/p>\n

This, when achieved, will give the government fiscal space ahead of the bailout package from the International Monetary Fund (IMF).<\/p>\n

Mr. Ofori-Atta in a subsequent presser on Monday said the government was inviting \u201cholders of domestic debt to voluntarily exchange approximately GH\u00a2137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.\u201d<\/p>\n

The domestic debt exchange programme, which is a Government initiative seeks to classify domestic bonds into four categories to create fiscal space as part of preparations to qualify Ghana for an IMF facility.<\/p>\n

The Minister also promised that there will be no haircuts on principals but the venerable chief disagrees.<\/p>\n

DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Agbogbomefia of the Asogli State and former President of the National House of Chiefs, Togbe Afede XIV The Agbogbomefia Paramount Chief of Asogli State has described the government\u2019s promise of \u201cno haircuts\u201d in the ongoing debt exchange programme as a mockery.\u00a0 Togbe Afede XIV said the opposite is currently happening.\u00a0 According to him, a […]<\/p>\n","protected":false},"author":1,"featured_media":1264167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[],"class_list":["post-1264166","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1264166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1264166"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1264166\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1264166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1264166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1264166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}