'There is no reason for us to be sitting here' - Ofori-Atta to picketing pensioners

Finance Minister Ken Ofori-Atta says Pensioner Bondholders’ picketing at the Ministry of Finance is meaningless as government has pledged to honour its obligations to bondholders, including retirees who voluntarily opted not to participate in the programme.

Addressing the retirees at the Finance Ministry, Mr Ofori-Atta maintained “Really, there is no reason for us to be sitting here because that assurance

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He questioned: “I want to know what it is that you are afraid of or that you think will not happen,” adding “My issue is that now you have very little of the old bonds existing.

“This means that, in the event of a crisis, your ability to trade your papers is diminished. But that is the choice you made,” Mr Ofori-Atta said.

The group has been picketing at the Finance Ministry demanding that the government makes an official exemption of pensioners from the domestic debt swap.

The group of about 50 retirees says they will not accept any haircuts on their investments despite government’s proposal of a 15% coupon rate.

Minority Leader, Cassiel Ato Forson has assured Pensioner Bondholders and others that parliament will move swiftly to address the burning issues related to the ongoing domestic debt exchange program.

The Finance Minister is billed to appear before the House on Thursday to brief MPs on the debt exchange program which now has more than 80% rate participation.