DDEP: Inclusion of pensioner bondholders in new programme is an error – Dr Adu Anane
The convener for the Pensioner Bondholders Forum, Dr Adu Anane Antwi, has said that they cannot be included in the new Domestic Dept Exchange Programme (DDEP) after the government exempted them from the exercise.
According to him, their conclusion in the new DDEP is an error, adding that the government can only make that decision after canceling the exemption it had granted pensioner bondholders.
Speaking on JoyNews’ PM Express, Dr Adu Anane said that “we sent a letter to the minister this [Monday] morning pointing out that we see some irregularities in the invitation and that they could not extend that invitation to cover us. So, we think there’s an error and they should correct it. If you have been exempted, nobody can invite you to come and participate in any reopening unless the exemptions have been cancelled.”
“So, if they want to invite as they must first cancel the exemption, then you know you are now not under an exemption. If the ministry wants to do that, then this is the way they should proceed. But I believe it is an error. They never thought, they didn’t apply their minds to the fact that you could not extend an invitation to an exempted group.”
Dr Adu Anane said that pensioner bondholders, who fall under category B – those holding on to eligible bonds that were exempted from the programme, have never been part of the group that was invited and could not join DDEP for certain reasons.
As such, he stated that if the inclusion of pensioners was not an error then it is a deliberate attempt to lure people to join the programme.
“But I don’t think the government will do that deliberate attempt. I believe it’s an error and they will own up to that and say, well, unfortunately, we shouldn’t have to input your name there,” he added.
This comes after the government announced that it is re-opening the DDEP, particularly for investors who did not sign up in February.
The Finance Ministry, in a statement, noted that the opportunity will also cover holders of the E.S.L.A. Plc and Daakye Trust bonds.
The Ministry added that government is aware of the number of holders of these bonds who did not participate in the earlier offer on time and therefore were left out.
“We believe that there is value for bondholders to participate in this Invitation. Indeed, the New Bonds (which will include the New Tranches) are expected to be more liquid than the Eligible Bonds, considering the larger investment base and the benchmark size of the New Bonds”, the statement said.
The government last year, as part of the $3-billion three year Extended Credit Facility Programme with the International Monetary Fund (IMF), embarked on a DDEP programme as part of measures to ensure debt sustainability and restore macroeconomic stability.
Source: Ghana News
