‘Don’t take the ‘power’ of the people for granted’ – Annoh-Dompreh to Otchere-Darko

The incumbent Member of Parliament (MP) for Nsawam-Adoagyiri, Frank Annoh-Dompreh, has criticized Gabby Asare Otchere-Darko, a leading member of the governing New Patriotic Party (NPP) over his comment on the inclusion of individual bondholders in the government’s Domestic Debt Exchange Programme.

Mr Otchere-Darko, the founder of the political think tank Danquah Institute,  had noted that the country was currently handicapped with debt, and there was a need to find alternatives to restore the country’s economic stability.

According to him, the bonds of individuals become ‘potentially worthless’ if the country continues to face economic hardship whiles they keep their bonds.

Mr Otchere-Darko, a cousin of President Akufo-Addo, noted that “Those mobilising to lead the voices of individual bondholders deserve our utmost commendation for speaking up for a big number of people who otherwise would have had no organised voice like institutional investors. But, let’s be careful about the dangers of a no-compromise stance,” Gabby tweeted.

But Mr Annoh-Dompreh, also a  member of the NPP, finds the statement insensitive and advised Otchere-Darko not to “take the ‘power’ of the people for granted.”

According to the legal practitioner, a good engagement with bondholders would have been an excellent idea to prevent the controversies surrounding the inclusion of individual bonds in the Debt Exchange Programme.

A good engagement could have avoided this..
Don’t take the ‘power’of the people for granted.
No hard feelings!

Peace. https://t.co/88oRoMtenx

— Hon. Frank Annoh-Dompreh (@FAnnohDompreh) January 16, 2023

The Domestic Debt Exchange (DDE) programme is one of the measures the government has adopted to restore the country’s economic stability and is also expected to reach a staff-level agreement of  US$3 billion with the International Monetary Fund (IMF).

The government announced that individual bondholders would not suffer a haircut but turned around to include them, which many objected to.

Meanwhile, most of the affected bondholders are calling on influential individuals to assist them in protesting against the inclusion of individual bonds in the Debt Exchange Programme.