17 banks likely to collapse under DDEP – Ato Forson
According to minority leader Dr. Cassiel Ato Forson, seventeen banks could fail if the government’s Domestic Debt Exchange Programme (DDEP) is carried out as planned.
He claimed that the proposal will rather blame people and financial entities, mainly banks, for the government’s bankruptcy.
As Finance Minister Ken Ofori-Atta spoke to the House about the DDEP, the former minister made this declaration on the floor of the legislature.
Given that the nation is insolvent due to its high levels of debt, Ofori-Atta stated that the initiative was essential to the recovery of the economy.
Around 1,300 pensioners and individual bondholders have voluntarily enrolled to the initiative, he claimed, despite strong criticism from several Ghanaians, particularly pensioners.
However, Dr. Ato Forson asserted throughout the discussion that the initiative will cause poverty in Ghana and damage some banks.
According to him, the Domestic Debt Exchange Program has put “17 banks in the country at jeopardy.”
He claimed that even though the administration claimed that those like retirees who did not sign up for the DDEP would be exempt, the Minority Caucus will seek for legislation that would forbid the government from accessing the funds of program participants.
“We won’t allow you to shift the burden to the ordinary Ghanaian,” he said to the Minister who was seated in Parliament.
