The government has been forewarned by the Individual Bond Holders Association of Ghana (IBHAG) not to include the investments of its members in the process of renegotiating the national debt without first consulting them.
IBHAG issues a warning, saying that disobeying it will result in its members mounting their strongest opposition to date.
In addition, the association urges all individual bondholders, whether or not they are IBHAG members, to resist the urge to agree to voluntarily exchange their current bonds for the new ones that the government has floated, despite the Minister of Finance’s subliminal threats.
According to IBHAG, most of its members are pensioners, traders, teachers, public servants, and individuals who have lost their jobs due to the unfavorable policies of the government.
Some are unemployed. Members have been able to make some savings from their sweat and toil, and have invested from as little as GH¢500 in bonds, only for government to rob them of their hard-earned savings – both interest and principal – using such an unconscionable debt restructuring process, which targets the individual.
The association wonders what considerations went into the earlier exemption of individual bond holders from the local debt restructuring, only to replace the pension funds with them, after labour had threatened a strike action.
“We cannot be made to suffer for the recklessness and greed that characterized Ghana’s excessive borrowing, which largely is the reason why we are where we are. Government appointees at the Ministry of Finance cannot make millions of dollars as transaction (borrowing) advisors and go and enjoy with their family and friends, whilst we are denied of the means to purchase our medications and pay for health care. Our inclusion means we cannot pay our children’s school fees, pay for our rent and many other critical essentials. All these hardships are being thrown at us just to protect the greed of those appointees”, a pensioner who is a member of the association said.
Furthermore, IBHAG maintains that the Akufo-Addo led-government continues to overspend by maintaining bloated government machinery made up of party boys and girls with outrageous pecks. Whilst they continue to enjoy, the individual bondholder is being robbed by the government of his or her hard-earned savings in broad daylight, whilst the pecks of the party boys and girls are protected.
The IBHAG calls on parliament, the Council of State, professional associations, religious bodies, Civil Society Organisations, the media and all well-meaning groups and individuals to join the advocacy against the looting of individual investments that the government has planned.
Meanwhile, we urge all members as well as new ones to remain calm – even as they refuse to sign onto the voluntary exchange of bonds – as IBHAG continues to seek audience with government on these vexed issues.