“If we are wiping away the middle class that could be dangerous“- Majority Leader(NPP)
Osei Kyei Mensah Bonsu, the majority leader of the NPP, issues a dire warning, stating that introducing bondholders without more discussion risks eradicating the middle class and bringing about the end of the nation.
“What we talking about is that many of these bondholders also belong to the middle class and that’s where the major worry is.
“If we are wiping away the middle class that could be dangerous, so we need to have some further dialogue on this. I’m not sure government takes interest and joy in suppressing anyone no government will have any joy in doing that.
“So government thinks that this is the best way forward, however even if it is, we need to engage, reflect and then move on and that will encourage some people who have some doubt to better appreciate where we are.”
This was his reaction when a group of individual bondholders decided to bring a petition to him and the chairman of the Finance Committee of Parliament, Cassiel Ato Forson, in Parliament House on Friday the 13th of January 2023 to voice their grievances to the Executive. The group was led by convener Senyo Hosi and private attorney Martin Kpebu.
The government has been urged to stop the plan and exclude them from signing the restructuring agreement, which ends on Monday, by major parties, including economists.
However, according to the government, the goal of the initiative is to make the country’s debts manageable as a crucial element of achieving an IMF deal.
Cassiel Ato Forson, who holds a position on the Finance Committee, disagrees that the government must deal with specific bondholders.
Read:According to Twitter, the Leaked E-mails Were Not From Its Systems.
He urged the Finance Minister to immediately halt their inclusion for additional consultations during the meeting with the specific bondholders.
But amid all of this, the Majority Leader worries that moving forward without prudence might damage the citizenry’s savings culture, which has worked for centuries of patient work to establish.
Additional Comments
“Nothing can substitute for discussions, round table discussions and engagements wherever we find ourselves in. I think it’s important that we go back to the drawing table to have engagements with the major stakeholders. “As he said, all of us are in it. And if we don’t manage well, we’ve gone through this before, way back some 25, 30 years ago and repositioning was a major, major difficulty.
“Today many people are coming on board and if this thing should happen, how do we build confidence and trust and reconstruct a new savings culture?” he exclaims.
Personal Opinion.
After major considerations and extensive reading on the subject matter of debt re-structuring and matters relating to hair cut and what have you, I am of the opinion that the government of the day is not being fair to the average Ghanaian who trusted the government and gave its hard earned money to.
The government should have done extensive consultation with a majority of stakeholders in the bond market before considering such a dangerous act .
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