The hard truth is Ghana’s economy is not sitting pretty; a straight no to debt exchange is bad – Gabby

Mr. Otchere-Darko said that Ghana's economy is not doing well, so the country needs the debt exchange program to work so that it can reach a deal with the International Monetary Fund (IMF).

Gabby Otchere-Darko, a top member of the ruling New Patriotic Party (NPP), said that a straight "no" to the Debt Exchange program could hurt efforts to solve the economic problems the country is facing right now.

"What we are seeing with the mobilization of agitation against individual bondholders is a real and serious risk that is worse than what we saw when opposition to E-Levy was able to derail an already unstable macroeconomic situation in 2021," he said.

Mr. Otchere-Darko also said that bondholders can choose not to take part in the debt exchange program, but that it is a necessary evil for our economy.

“Its success is critical to restoring macroeconomic stability, securing an IMF prog. It hits those of us holding bonds very hard. A straight no to it is no solution!
“If the no-compromise opposition to it wins, what then has been achieved? It may lead to national debt default. So what then happens to the value of your bonds after! Potentially worthless. If participation is low, we jeopardize resolving the economic crisis and hardships.


“I’m sorry but we have to face the hard/painful truths. We ain’t sitting pretty. Our focus must be on how the burden to individual bondholders may be possibly eased; but not to take the hardline position of simply saying no to participation. It will come back to hit us harder!” he said.