The Minority Leader in Parliament Dr Cassiel Ato Forson on Thursday, February 16 told the Speaker of Parliament Alban to give Members 10 minutes each to make a contribution on the presentation of Finance Minister Ken Ofori-Atta on the Domestic Debt Exchange Programme.
He also said as the Minority Leader, he should be given 20 minutes to make his submission due to the severity of the matter that was being discussed.
This was after Speaker Bagbin gave lawmakers five minutes each to make submissions on the presentation by the Finance Minister.
“This is a major threat to our economy, grant us that opportunity to make this appropriately. As the Minority give me 20 minutes,” Dr Forson requested of the Speaker.
But his request was challenged by Deputy Majority Leader Alexander Afenyo-Markin.
Mr Afenyo-Markin said the Standings Orders of Parliament did not support the request of the Minority Leader.
“Mr Speaker has given his ruling let us go by it.”
Speaker Bagbin after listening to their argument said “After listening to you, I will not be able to grant the 10 minutes but I will add some 3 minutes, so 8 minutes each. I will stick to 8 minutes per person. The leaders will not get 20 minutes as requested, I will give them 15 minutes, which should be sufficient.
“Our rules are very clear, this is a statement on govt policy. Order 72 is very clear on it, the comment should be very brief. I am ever ready to admit a motion for a debate on it.”
Regarding the presentation, the Finance Minister told Parliament that he has met the pensioners who have been picketing to protest their inclusion in the DDEP three times.
He said he has explained to them the terms of the new bonds
Briefing Parliament on Thursday, February 16, he said “government is committed to the wellbeing of our senior citizens and pensioners. The government will honour their coupon payments and maturing principles.”
He added “I have met with them on three occasions where I explained the terms of the new bonds. I subsequently wrote to their convener to let him know that all pensioners who did not participate in the bond offerings are exempt.”
Earlier, Former Chief Justice Sophia Akuffo who was part of the picketing pensioners said she was getting suspicious when Mr Ofori-Atta listened to the concerns of others and responded to their letters regarding the domestic debt exchange programme but did not respond to pensioners who had written to him to exclude them from the programme.
Ms Sophia Akuffo insisted that the Finance Minister must exempt pensioners from the programme.
“A simple letter that was written by the association to the Minister of Finance that exempt us from your programme. That is the gist, I always like to distil things to their lowest common denominator, exempt us, we are pensioners. Up till now, I have seen a copy of the letter, it has been dated 7th January.
“Up till now, there has not been a note of acknowledgement and just a few days similar letters that were written to the Minister have been responded to whereby he has categorically exempted other groups. Why? When I cannot fathom the reasons for something being done in a particular way especially when it has been done for others but it is not being done for others I start getting suspicious, I have grown to the age where I have seen it all,” Speaking to journalists in Accra after joining pensioners again to picket at the Ministry of Finance to protest their inclusion in the programme, on Tuesday, February 14.
The government has however revealed that it has reached 80 per cent participation in the programme.
“The Government’s Domestic Debt Exchange Programme (DDEP) closed on Friday 10th February 2023 with over 80% participation of eligible bonds,” a statement issued by the Ministry of Finance on Tuesday, February 14 said.
“The Government wants to thank the people of Ghana for their forbearance and support throughout these very difficult times.”
It said by the participation of the voluntary bondholders after the closure of the Programme on Friday, the country has inched closer towards securing the $3billion extended credit facility (ECF) from the International Monetary Fund (IMF).
“The DDEP is being done to help protect the economy and enhance our capacity to service our public debts effectively.
“The alternative of not executing the DDEP would have brought grave disorder in the servicing of our national debt and exacerbated the current economic crisis.
“The Government is, therefore, grateful for the overwhelming participation of all bondholders.
“Your support and contribution has gotten your country much closer to securing the IMF programme.”
It asked individual bondholders, particularly pensioners, who did not participate in the Programme, to be rest assured that their coupon payments and maturing principals will be honoured in line with laid-down rules.