Decision to include bondholders in Debt Exchange Programme is autocratic - Afaglo

According to Mr. Afaglo, only in an autocratic regime will a decision of including Individual Bondholders without recourse to the owners of the funds.

Decision to include bondholders in Debt Exchange Programme is autocratic  - Afaglo

Chief Executive Officer of Marrer Ghana Limited and Susagtad Boat Building, Mr. Novihoho Afaglo has described government inclusion of individual bondholders in the ongoing Debt Exchange programme as autocratic.

According to him, that decision could happen in an environment of authoritarian regime.

He observed that, the decision by the government is an infringement of the fundamental human rights of the Ghanaian bondholder therefore calling on the citizens to speak vehemently against such action.

Mr. Afaglo said individual Ghanaians should not be made to suffer or carry the burden of incompetent New Patriotic Party (NPP) leaders who failed to manage the resources entrusted into their hands.

Speaking to in an interview with, Mr. Afaglo could not understand why the individual suffer for the corruption and incompetence of the Akufo Addo government.

"We have to resist all attempts including blocking the various road network in town to register our displeasure on the government's decision to include individual bondholders because the majority of these people were not the ones who created the current economic mess," he stated. He called on Ghanaians to rise and condemn the January 31 decision as the deadline proposed by the incompetent Finance Minister, Mr. Ken Ofori-Atta because enough is enough.

Mr. Afaglo's anger was occasioned by the earlier release issued by the Christian Council and a cross-session of other Ghanaians urging the government to suspend the Debt Exchange programme forthwith.

He said all indicators point to the fact that the majority of Ghanaians don't support the decision and therefore government must rescind his decision and look for other alternatives for absorbing the programme.

The CEO said, "per the public outcry, the only decision available to the government now is to suspend the whole programme".

"In a Democratic environment, why do you fail to embark on a participatory process where people would understand the reason why their bonds should be included in the programme rather than using force to compel them," he stated.

"Even if their bonds should be included, they should have been thoroughly engaged", he further noted.

He said government should have informed stakeholders to help appreciate the concerns of the affected individuals and institutions to allow for measures to be outlined in addressing same.

He joined the the majority of Ghanaians to impress upon the government to suspend the programme of including individual bondholders in the Debt Exchange Programme or be prepared to meet a public revote from Ghanaians.