Pensioner bondholders elated over exemption from DDEP

The Pensioner Bondholders Forum is happy that the government has decided to make it official that funds owned by its members can’t take part in the Domestic Debt Exchange Program (DDEP).

The Minister of Finance, Ken Ofori-Atta, has confirmed that those pensioners who were required by the DDEP to swap their old bonds for new ones but did not comply with this requirement will not be penalized in any way.

During a briefing that Mr. Ofori-Atta gave to Parliament regarding the program, he suggested that pensioners should not be anxious because all of their coupons and principal will be honored when it comes time for maturity.

The Minister of Finance mentioned that he has formally informed those holders of pensioner bonds who did not sign the program that they are free from the debt exchange. This information was provided to the holders of pensioner bonds.

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The convenor of the Pensioner Bondholders Forum, Dr. Adu Anane Antwi, noted that it is satisfying that the minister listened to their requests for them to be excluded from the program and made the decision to exclude them.

“We would like to thank everyone, and we are overjoyed that the administration has made an announcement that is in line with our expectations. This exemption is superior to the option of self-exemption.

There is now that level of certainty. He stated this when being interviewed on Eyewitness News. “Nothing is going to impact us because no one is going to undergo a haircut.”

Since the middle of last week, the pensioners have been picketing in order to express their demand for a complete exemption from the domestic debt exchange program being run by the government.

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The group has committed to keep picketing outside the Ministry of Finance until the government satisfies their demand by publicly informing them that their investments will no longer be subject to the DDEP. The administration has promised to heed their demand.

“Mr. Speaker, I have visited with our senior citizens on three separate occasions in an effort to gain a better understanding of the concerns that they have. My most recent presentation was on the 15th of February, 2022, and it was on the conditions of the new bonds.

Following that, I wrote to their convener to let him know that all seniors who did not engage in the exchange are exempted and that, as a result, there will be no need for our senior citizens to protest outside of the Finance Ministry.

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The Minister of Finance addressed Parliament and stated, “Mr. Speaker, I would like to thank all those who helped in those conversations.”

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