Govt playing on our intelligence with debt exchange programme – Ricketts-Hagan
George Ricketts-Hagan, Member of Parliament for the Central Region’s Cape Coast South constituency, has expressed concern about the announcement of the government’s domestic debt exchange program.
He accused the government of playing with Ghanaians’ intelligence.
Mr. Ricketts-Hagan said on Citi TV/The FM’s Big Issue that the government had been dishonest with Ghanaians in the events leading up to the program’s announcement, which has increased skepticism among domestic investors.
“The government has not been honest with us, and they are playing with Ghanaians’ intelligence.” Why come out and say there won’t be haircuts when you can never enter a restructuring agreement where you basically said or agreed you had defaulted and couldn’t pay bondholders and not have people get in trouble?”
He also stated that there was a clear disparity between what the president told Ghanaians in his October 30 address to the nation on the economy and what was announced.
“The president told us there wouldn’t be a haircut, so you have the spinners tell us whether it will be on the principal or interest, which is irrelevant.”
The truth is that people will lose their investments, pension funds will lose money, and insurance companies will have serious difficulties meeting their obligations, adding to the hardship that people are already experiencing.”
“When all is said and done, investors who will be affected will lose GH200 billion at the end of it all, and if people say there will be no haircuts, I don’t know what they’re talking about,” he added.
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