Debt restructuring: What a useless government, you've defaulted on your debts — Felix Kwakye Ofosu

A former Deputy Information Minister under the erstwhile Mahama administration Felix Kwakye Ofosu has slammed the Akufo-Addo-led NPP government over the debt restructuring program.

The government, according to Mr. Kwakye Ofosu, is useless for defaulting on its debt obligations.

In a post on social media, the former deputy minister described the current administration as the worst ever in the country.

“Ghana has officially defaulted on its debt and has announced a debt restructuring program,” his post began.

“This officially makes the Akufo-Addo/Bawumia government the very worst in the history of the fourth republic if not in our entire history. What a useless government!” Mr. Kwakye Ofosu yelled in a tweet.

Meanwhile, Mr. Ken Ofori-Atta, Minister of Finance, has officially launched a debt restructuring programme that aims to restore Ghana's economy overwhelmed by unmanageable and unsustainable debt.

In his speech, Mr. Ofori-Atta claimed that there will be no haircut on investments.

“The Government of Ghana has been working hard to minimise the impact of the domestic debt exchange on investors holding government bonds, particularly small investors, individuals, and other vulnerable groups."

In line with this, government has announced that Treasury Bills are completely exempted, and all holders will be paid the full value of their investments on maturity.

“There will be no haircut on the principal of bonds. Individual holders of bonds will not be affected," the minister emphasised.