Many members of the upper middle class in society would now look for investment options abroad to secure their cash, according to Bright Simons, vice president of IMANI Africa.
He claimed that the action will worsen the already weak economy.
Bright Simons said, “Persons all heated up about how the economic crisis will now compel upper middle class folks to join the political fight for more accountability,” in a tweet that GhanaWeb Business was able to catch.
I’m sorry to bust your bubble, but it will only encourage them to seek out additional foreign investment opportunities, which will worsen Ghana’s economic [issues].
His comment comes after Majority Leader in Parliament, Osei Kyei-Mensah-Bonsu, urged government to engage in further dialogue on the implementation of its domestic debt exchange programme.
According to the majority leader, the programme requires more engagement as it has the potential of wiping away the country’s middle class.
Government of Ghana is seeking to revive the economy through a $3 billion International Monetary Fund loan.
As part of its efforts to meet the conditions required for the loan, government has announced a domestic debt exchange programme aimed at varying the terms of existing government bonds.
Meanwhile, goverment has extended the deadline for the expiration of the debt exchange programme to January 31, 2023.
But the Minority in Parliament has asked government to as a matter of urgency suspend the debt exchange programme.