Convener of Individual Bondholders, Michael Harry Yamson, has expressed disappointment in Parliament for letting down Ghanaians on matters of the economy.

According to him, Parliament failed Ghanaians by failing to resume sitting quickly after the Domestic Debt Exchange Program (DDEP) was announced and thoroughly interrogating it.

Speaking on the State Affairs Program on GHOne TV, Mr. Yamson stated that even when the Executive failed to seek Parliament’s view on the DDEP, it was incumbent on Parliament to act fast on behalf of Ghanaians.

"Our Parliament is ill-resourced to go toe-to-toe with the Executive when it comes to the economy, matters of national finance, and matters of governance; they are not resourced. We were talking about DDEP, but the issue goes well beyond it, and Parliament simply didn’t have the means to say hang on. This budget will not stand the test of time because it is deeply flawed.

"You don’t have the revenues to meet the debt obligations that are staring you [in the face] in the next few years, and the budget was passed. Immediately it got passed all our hands were tied and the only answer was this disaster," Mr. Yamson stated.

He continued: "We are all talking about DDEP but what really we need to say is that how is it for our parliament, our representatives are so ill equip to interrogate and challenge the policy of the government when it comes to the affairs of our money."   

Background

The Finance Minister, Ken Ofori-Atta, has declared that all pensioners who declined to submit their old bonds for new ones under the Domestic Debt Exchange Programme (DDEP) have been exempted from the programme.

Briefing Parliamentarians on the state of the Domestic Debt Exchange Programme, in Parliament on Thursday, February 16, 2023, Ken Ofori-Atta urged the pensioner bondholders some of who were in Parliament not to be troubled as all their coupons will be honoured when they mature.

"Government remains committed to the wellbeing of our senior citizens. It has caused me great distress that a number of our pensioners have picketed at the premises of the Finance Ministry since Monday, February 6, 2023. I have already indicated in my press release dated 14th February 2023 that government will honour their coupon payments and maturing principles like all government bonds in line with government’s fiscal commitments."

He added: "Mr Speaker, in seeking to understand the concerns of our senior citizens, I have met with them on three occasions, the recent was yesterday 15th February 2023 where I explained the terms of the new bonds. Mr. Speaker, I subsequently wrote to their convener letting him know that all pensioners who did not participate in the bond offering are exempted."