There is pressure to compel banks to force customers to accept DDE – Senyo Hosi

Convener of the Individual Bondholders Forum, Mr. Senyo Hosi says there is the risk that bondholders who will sign onto the government’s Domestic Debt Exchange Programme (DDEP) will come out later to say they accepted to join under duress.

According to him, there is so much pressure on banks to force customers to accept the programme.

Describing it as illegal, Mr. Senyo Hosi adds that it is unethical, immoral and must be stopped.

“Unfortunately on the market, we see some conducts that are unethical and also illegal. We see pressure coming from different quarters compelling banks to try and force customers to try and tender or accept the DDE, that is illegal, that is unethical and immoral,” the Convener of Individual Bondholders Forum told Citi FM in an interview on Tuesday, February 8.

Senyo Hosi added, “the risk of that is that tomorrow the same customer will come and say he accepted that under duress. Who is really going to take responsibility for that?”

While all issues about the Government’s Domestic Debt Exchange Programme have not been addressed, the Ministry of Finance has announced that there will be a three-day administrative window for people having challenges to sign onto the programme to do so.

“In connection with the ongoing Domestic Debt Exchange Programme (DDEP), the Government of Ghana thanks all bondholders who have so far tendered their bonds. However, it has come to the attention of Government that some bondholders faced technical glitches as they tried to complete the online tender process.

“As a result, Government is providing bondholders with a window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum. This window ends on Friday, 10th February 2023 at 4:00 p.m. (GMT),” a press release from the Ministry of Finance signed by sector Minister Ken Ofori-Atta said on Tuesday.