Abena Osei-Asare, Deputy Minister-designate of Finance
Abena Osei-Asare, Deputy Minister of Finance

A Deputy Finance Minister, Abena Osei Asare, has fought off claims by Labour Unions that there were no consultations over the Debt Exchange Programme.

According to him, relevant authorities were duly consulted with their proposals adopted by the government prior to the public announcement.

“We did a broad consultation on our debt exchange programme with various stakeholders. We engaged Securities and Exchange Commission, BoG, National Pensions Regulatory Authority, and National Insurance Commission because they represent the individuals and the financial institutions,” she said on Asempa FM’s Ekosii Sen.

Finance Minister, Ken Ofori-Atta on Monday duly launched the operations of the Debt Exchange Programme as part of government’s effort to reduce public debt.

The Minister revealed it is part of a key requirement to obtain an economic programme from the International Monetary Fund.

He said as part of the process, there will be a cut in bond interest with no coupon payment for 2023.

Following the announcement, the Minority as well as labour unions such as NAGRAT and TUC, Ghana Medical Association have kicked against it and have cautioned the government not to touch workers’ funds.

The Chamber of Corporate Trustees has also rejected the debt exchange programme proposed by the Ministry of Finance.


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But Madam Osei-Asare, who doubles as Atiwa East MP, believes the programme is a positive step to help the country out of the economic difficulty.

She has maintained a lot went into the process, stating it was not a one-man idea and has therefore urged cool heads.

“We did not arrive at this point through one person’s idea but the engagements during which questions were raised and answers provided,” she added.

Meanwhile, she assured stakeholder engagements will continue until the entire process is dealt with.

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