Sammy Gyamfi condemns ‘wealth expropriation’ disguised as Domestic Debt Exchange

The National Communication Officer of the National Democratic Congress (NDC) Sammy Gyamfi has admonished Ghanaians not to accept the description of the ongoing dealings with IMF as a Domestic Debt Exchange Programme.

He describes it as a classical expropriation programme not a debt exchange as the government is trying to impose on Ghanaians.

“First of all it is not a debt exchange and we must refuse the classification or the description being imposed on us by the government. This a classical wealth expropriation. It is a wealth expropriation program, not a debt exchange” he said to Johnnie Hughes on the 3FM Sunrise Morning Show

Mr. Sammy Gyamfi asserts that “the government of Ghana says it has been so reckless with the unprecedented resources that were accrued to me since it took office. It has mismanaged and wasted all the unprecedented borrowings in the last six years and is broke.

“Government is telling us that the economy is on the verge of collapse and so now I have to dip my hands into your bank accounts or wallet to take your own money, otherwise the economy will collapse. That is what is happening” he alleged.

He explained that wealth expropriation is in the constitution but can only be done when the accusation is in the interest of public order or public safety or public health.

“What we have on our hands now is the product of sheer recklessness. The greed and many years of naked thievery by few people whom we entrusted the finances of this country to” Sammy Gyamfi opined

Meanwhile, the Finance Minister Ken Ofori-Atta has argued that as many as possible to participate in the Domestic Debt Exchange programme (DDE). He stated that if the government does not get as many as possible to take part in the programme, economic recovery will take a long time to achieve.

“Frankly, non-participation or a lower-than-expected turnout for the DDEP will prolong efforts to resolve the current economic crisis. In addition, the prospects of international financial support and other financial assurances would be jeopardized,” he said in a statement on Monday February 6, 2023.

He added “This development could further put strain and stress on the Government’s capacity to honour key commitments. This is not what we want for our economy.

“What we want is an economy that is back on track, stable, vibrant, productive, dynamic; meeting the needs of individuals, households, and enterprises; delivering shared and inclusive growth; and improving incomes and livelihoods.”.

Tuesday, February 7 marks the final deadline for the programme and the government has expressed fear that the inability to get bondholders to buy-in will have a dire consequence on the Ghanaian economy.