Honorary Vice President of IMANI Africa, Bright Simons, is alleging that Ghana’s Economic Management Team and the Presidency are against the inclusion of individual bondholders in the domestic debt exchange programme.

According to him, the Finance Ministry is solely holding out against the formal exemption of individual bondholders from the debt exchange programme.

This follows strong opposition from individual bondholders who have been resisting their unilateral addition to the debt exchange programme by the Finance Ministry without any prior consultation.

How long can Finance Ministry hold out against sentiment in Ghana's Economic Management Team that individuals must be formally exempted from the debt exchange program? And now reports of Jubilee House also moving in that direction. Ministry insists 5% in 2023 is last offer.

— Bright Simons (@BBSimons) January 26, 2023

They claim their involvement in the debt programme will further erode the value of their already eroded bond values and have thus resolved to fight against the Finance Ministry’s actions.

In a Twitter post concerning the issue, Bright Simons quizzed, “How long can Finance Ministry hold out against sentiment in Ghana's Economic Management Team that individuals must be formally exempted from the debt exchange program?"

"And now reports of Jubilee House also moving in that direction. Ministry insists 5% in 2023 is last offer.”

Meanwhile, the Finance Ministry is pretty isolated at Cabinet this afternoon. Will be interesting to see whether their nerves will hold as the rest of the government begins to buckle under pressure.

— Bright Simons (@BBSimons) January 26, 2023

With the government succumbing to pressure from individual bondholders to be exempted from the debt exchange programme, Bright Simons noted that the Finance Ministry is becoming isolated when it comes to discussions on the programme at Cabinet.

“Meanwhile, the Finance Ministry is pretty isolated at Cabinet this afternoon. Will be interesting to see whether their nerves will hold as the rest of the government begins to buckle under pressure,” he said.