Isaac Adongo, a member of parliament for Bolgatanga Central, said that the government is not doing enough to restructure the debt, even though it is needed.
He says that the plan to restructure domestic debt that Minister of Finance Ken Ofori-Atta announced will cost investors much more than the US$3 billion that Ghana wants from the International Monetary Fund (IMF).
“We can’t destroy over $100 billion worth of Ghanaian resources just to get $3 billion from the IMF. That won’t happen.” “I want to warn investors, banks, pension funds, and fund managers that the Bank of Ghana is not their friend,” he said on December 7 at a press conference in Parliament.
He said that the Securities and Exchange Commission (SEC), the National Pensions Regulatory Commission (NPRA), and the National Insurance Commission (NIC) were all working with the government to waste shareholders’ money.
He also said that the minority in Parliament was telling people to stand up and try to get their jobs and investments back.
“We agree that Ghana needs to change, but not in a way that takes people’s money illegally, unilaterally, and with pride. “Now is the time to call on those activist investment lawyers and vigilante lawyers to step up and take their place in the fight to save this country,” he said.
Ghana’s economy is facing problems right now, and a plan to reduce domestic debt is being opposed by stakeholders, mostly institutional bondholders.
The government hopes to reach a deal on reorganizing the country’s debt so that it can use a facility from the International Monetary Fund (IMF) to help the economy.
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