Govt playing on our intelligence with debt exchange programme – Ricketts-Hagan

The Member of Parliament for the Cape Coast South constituency in the Central Region, George Ricketts-Hagan has expressed concern over the announcement of the government’s domestic debt exchange programme.

He accused the government of playing with the intelligence of Ghanaians.

Speaking on The Big Issue on Citi TV/FM, Mr. Ricketts-Hagan said the government has been dishonest with Ghanaians in the events leading to the announcement of the programme which has created further scepticism for domestic investors.

“The government has not been honest with us and they are playing with the intelligence of Ghanaians. Why come out to tell us there won’t be haircuts when you can never enter a restructuring agreement where basically you have said or agreed you have defaulted and could no longer pay bondholders and still not have people catching some heat?”

He further said there was a clear disconnect between what the president told Ghanaians in his October 30 address to the nation on the economy and what has been announced.

“What the president told us is that there wasn’t going to be a haircut, then you have the spinners tell us whether it will be on the principal or interest which is neither here nor there. The fact of the matter is that people are going to lose their investments, pension funds are going to lose money, and insurance is going to have serious challenges meeting their obligations, and basically, this will be added to the hardship that people are already experiencing.”

“When all this is said and done, investors who are going to be affected are going to lose GH¢200 billion at the end of all this and if people say there is not going to be haircuts, then I don’t know what they are talking about,” he added.