Members of Parliament (MPs) of the National Democratic Congress (NDC) have criticized the government’s plan to restructure the nation’s debts and have threatened to veto the agreement in Parliament.
In order for the country to meet the criteria for a US$3 billion program with the International Monetary Fund, Finance Minister Ken Ofori-Atta declared that the government meant to replace current domestic debt with four new bonds that would mature in 2027, 2029, 2032, and 2037. (IMF).
The minister said during the announcement that local bondholders would only lose interest payments and that there would be no haircut on the principals of bonds, adding that External-debt restructuring parameters will be presented in due course. The IMF wants Ghana to get its debt on a sustainable path in order to qualify for support.
The Minority MPs, however, have spoken out against the plan, stating that they find the form and structure of this debt restructuring to be unacceptable.
At a press conference in Parliament yesterday, the caucus leader, Haruna Iddrisu, stated, “We simply cannot agree to this as it has dire consequences on the financial sector, on pension funds, and on jobs. We are all at risk.”
He questioned if Ghanaians should believe President Akufo-Addo, who had before declared that “there will be no haircut.”
He claimed that Ghana is the first African nation to announce the restructuring of its domestic debt and declared that the country had formally missed its payment obligations on “our existing domestic debt.”
“Ghana joins Greece and Jamaica in the last 10 years,” Mr. Iddrisu intimated, and said the NDC Minority had been consistent on this matter.
“We cautioned and warned the government about engaging in reckless borrowing and spending! How come the contours of this exchange programme were not announced in Parliament during the 2023 budget presented on November 24, 2022. Will it require legislation? How come that a major policy step of this dimension was not part of his presentation to Parliament?” he quizzed.
Cutting Expenditure
To achieve fiscal consolidation, the minority leader predicted significant expenditure reductions and added, “The size of Government must be reduced drastically. We demand responsible spending.”
He claims that the GH1.4 billion allocation as a contingency vote, which was included in the 2023 Budget, will not be accepted by the NDC MPs because it is “outrageous.”
“We note that this allocation is an additional GH¢400 million compared with last year’s allocation of GH¢993 million. This cannot be happening in a period of austerity,” he noted.
The NDC representative for Tamale South stated that his party was also against giving the Defense Advisory Services GH$10 million.
“We also strongly denounce plans to increase the staff strength at the Office of Government Machinery by a staggering 1,570 at page 230 of the 2023 Budget. This will increase total staff strength at the OGM to 3,681. This is unconscionable at a time Government has announced a total freeze in public sector jobs,” Haruna stated.
Priscilla Fumadorh
Priscilla is an entrepreneur and a creative communicator who loves to communicate through writing. She is passionate about national economic issues and does not miss a chance to offer her opinions on them for the good of the country.
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