In 2023, one of the biggest business-political issues happened when a former Chief Justice of Ghana,\u00a0Sophia Akuffo, made history by becoming the first of \u2018her kind\u2019 to join a public protest organised by the citizenry, against, most especially, her own \u2018government.\u2019<\/strong><\/p>\nThis was during the period when some pensioner government bondholders picketed at the Ministry of Finance for a number of days, in protest to the decision of the government to include their bonds in a Domestic Debt Exchange Program (DDEP).<\/p>\n
But when the former CJ,\u00a0Sophia Akuffo, joined the pensioners on Friday, February 10, 2023, to picket, it shot national interest and discussions around the DDEP even higher.<\/p>\n
Almost a year after the unprecedented \u2018showdown\u2019,\u00a0Sophia Akuffo\u00a0has explained exactly what her motivation was and why she had no choice than to join in the picket.<\/p>\n
She explained, in an interview with\u00a0Bridget Otoo\u00a0of Metro TV, that there was a news item that she watched two days prior, and a lunch meeting the previous day that fully convinced her that she needed to be part of the picket.<\/p>\n
The following text is a transcription of what her answer was on the question about why she decided to join in the picketing:<\/strong><\/p>\n\u201cWell, I think it was rather the previous day, but the day before that previous day, I happened to be watching the news and then I saw my age group and older with placards. And, by that, I was already a bit concerned as to what the bond exchange was going to amount to\u2026<\/p>\n
\u201c\u2026 we had been assured that older people were not even involved, and for that matter, pensioners and even pension funds, as at that time, and individuals who were over a certain age, were not going to be included. So, when I saw these people, I was a bit concerned.<\/p>\n
\u201cBut the next day, I happened to go to a lunch where the matter came up and we were talking about it and I said jokingly I even thought I said this friend of mine among the protesters and was it her? And then it also happened that she is also a niece of the person sitting next to me, and he said, \u2018Yes, it was her,\u2019 and I said why should she be included. And then that was when I really found out that it had been announced that pensioners \u2013 individual pensioned bondholders were also included.<\/p>\n
\u201cAnd my concern was not so much about myself, because really, I didn\u2019t have much invested in the government bonds, but I know I had some government bonds as well\u2026 I phoned this friend of mine and I said, \u2018I saw you and your uncle said it was you,\u2019 and she said yes. And I said, \u2018Is everything ok now?\u2019 she said \u2018no.\u2019 \u2018Are you doing it tomorrow?\u2019 she said, \u2018Yes,\u2019 and I said, \u2018I\u2019ll come and join you,\u2019\u201d she explained.<\/p>\n
Background:<\/strong><\/p>\nThe government in an effort to meet requirements to secure the IMF loan, introduced a debt restructuring programme.<\/p>\n
The DDEP programme which aims to tackle government debt on the local front, sought to vary the terms of existing bonds.<\/p>\n
The ministry at the commencement of the programme announced a target of 80% or more of bondholders.<\/p>\n
The exercise, however, attracted resistance from several bondholders including some pensioners who took to picketing at the premises of the ministry demanding total exemption from the programme.<\/p>\n
ghanaweb.com <\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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