As a result of recent decisions made on the domestic debt program scheme, Finance Minister Ken Ofori-Atta appears to have angered the majority in Parliament.
The fact that the Finance Minister declined to consult them before implementing the domestic debt exchange scheme notwithstanding current events in the legislature has left the leaders of the majority furious and enraged.
Osei Kyei-Mensah-Bonsu, the majority leader and minister of parliamentary affairs who opposes the scheme, warns that the middle class may be wiped out and urges the minister to move more cautiously.
“What we [are] 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.
“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.”
“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…All of us are in it. And if we don’t manage it 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?”
Frank Annoh-Dompreh, the majority chief whip and a legislator from Nsawam-Adoagyiri, is also threatening the Finance Minister with terrible repercussions if he continues to ignore advice and travel down that precarious path.
The Majority Chip Whip disagrees with include individual bondholders in the debt swap program and called Ken OforiAtta’s move as “unfair” and “untenable” in a tweet.
