Ghanaian broadcaster and political pundit, Dr. Randy Abbey, voiced strong criticism against the government’s debt exchange program and alleged reductions on certain bonds.
On the Good Morning Ghana show on Metro TV on Thursday, February 29, 2024, Dr. Abbey accused the government of unfairness and dishonesty towards investors who had purchased bonds backed by the Energy Sector Levy Act (ESLA) and the Ghana Education Trust Fund (GETFund).
He argued that the tax revenue collected from these levies, which remains untouched, was meant to secure these bonds.
Furthermore, Dr. Abbey claimed that the government was implementing “haircuts,” or reductions, on both the principal and interest payments, in violation of its pledge to pay the full value of the bonds.
“You come to me and you tell me ‘look, I have a levy called ESLA. It brings in X amount of money every time. And so I want to use this to raise funds. I am selling ESLA bonds. Come and buy. Or there is a tax handle called the GETFUND levy, this is how much it rakes every month. I am creating a bond for you to come and buy. This is a tax handle, statutory funds are going in. Your money is safe and based on that, I invest.
“These tax handles have not been withdrawn. They have not been reduced. They have not been scrapped. And then you tell me that you won’t pay me what I’m entitled to. And then, after all that, you tell me you will reduce it?” he quizzed.
Randy Abbey views this as a breach of trust and a disrespectful action towards both the public and investors. He contends that the government showed little regard for the impact of its actions on people’s sentiments or behaviors.
“It’s like you’ve checked out. You don’t even care how people will feel. Because when you feel how they will feel, you will not act like that,” he said.
He declared that the government should stop interfering with the economy and fulfill its obligations.
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