Debt Exchange: Don’t Argue With Emotions – John Kumah to Bondholders

The Deputy Finance Minister, John Kumah, has urged bondholders to desist from emotional arguments as government undertakes the Domestic Debt Exchange Programme (DDEP).

According to him, the programme is a necessary one that needs to be implemented to resuscitate the failing economy of the country.

Prior to Mr Kumah’s statement on Joy FM’s Super Morning Show, the Convener of the Individual Bondholders Forum, Senyo Hosi and the President of the National Association of Graduate Teachers (NAGRAT), Angel Carbonu had been engaged.

Senyo Hosi, in his argument for all individual bondholders, said the government was “close to being dishonest” with stakeholders on the true state of the programme.

Angel Carbonu on his part said “I don’t want to believe that there are conmen in government.”

According to him, up until today, Wednesday, labour unions believed that pension funds had been exempted from the debt exchange.

“I don’t want to believe that we have conmen in government. The Memorandum of Understanding was clear that pension funds [are exempt] as we speak,” the NAGRAT leader told co-host Kojo Yankson.

After these comments, an unhappy John Kumah urged the stakeholders to be less emotional and look at the state of affairs realistically.

“It becomes very difficult to engage in public discussions on emotional topics like the debt exchange programme. But I am particularly disappointed in my brother Senyo Hosi because we go way back and I didn’t expect this contribution from him. For him to attack me and call me dishonest and miseducating the public.

“It is very unfortunate for him to come being emotional and talking politics rather than the issues we’re discussing. I am a politician and I can go very political but that is not why we are here, we are trying to encourage people to understand what is going on and what is best for everybody,” he said on Wednesday.

He further gave the assurance of government’s readiness to engage all and sundry about the ongoing DDEP to ensure that

Since government launched DDEP in December 2022, many various interest groups including labour and individual bondholders have lamented about the impact of the programme.

As some indicate that their source of income would be curtailed, others have questioned the sacrifices government will make amidst this economic crisis.