Speaker summons Finance Minister to appear before Parliament about DDEP.
Ken Ofori-Atta, the minister of finance, ought to be scheduled by the business committee as soon as feasible to discuss the Domestic Debt Exchange scheme, according to Speaker of the House Alban Bagbin (DDEP).
The retirees are picketing at the Ministry of Finance, thus the subject is urgent, the speaker stated, so it must be done fast.
He suggested that the Minister make an appearance on February 14, 2023.
Honorable Members, according to my understanding, the Minister should be scheduled to inform the House on the policy statement and some specifics on the debt arrangement.
The Speaker said that because the legislature has spoken, the matter is closed.
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"Parliament is always ready to help the government escape this mess. I can now state that the parliament has spoken and the matter is concluded. This is an important problem since the pensioners are picketing at the Ministry, thus the business committee has to schedule the Minister as soon as feasible.
"We must complete this as soon as possible. The Minister should appear before the house to inform members on the situation, according to the Business Committee, he continued.
The Pensioner Bondholders Forum has made noise. On Monday, February 6, they protested in front of the Finance Ministry to call for an exclusion from the domestic debt swap scheme.
Most of them, they claimed, rely on their coupons to support themselves and their children, thus they seek an exemption similar to what the Pension Funds do.
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However, they said the administration had not paid attention to their issues.
The government has once more postponed the domestic debt swap program registration due to Friday, February 10, 2023.
The debt exchange has, in accordance with the finance ministry, officially come to an end, but bondholders encountering technological difficulties will require an extension to finish the online tender procedure.
Due to the conditions of the Exchange as revised by the 2nd Amended and Restated Exchange Memorandum, the government is giving bondholders an administrative window to complete the procedures for tendering their bonds. This administrative window closes on Friday, February 10, 2023, at 4:00 PM (GMT), according to a statement from the finance ministry.
To get $3 billion in finance from the International Monetary Fund, the government is restructuring a portion of the estimated 575 billion cedi total national debt.
Due to uncertainty among bondholders on the conditions and viability of the new bonds, the finance ministry has struggled to put the domestic debt restructuring into action.
Uncertainty surrounds whether the government has met the 80% participation need to get IMF board approval for the much-needed rescue to strengthen the economy.
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