In a tweet on Saturday, January 14, the Majority Chip Whip described the decision by Ken Ofori-Atta as “unfair” and “untenable” adding that he disagrees with the inclusion of individual bondholders.

The Finance Minister ( Ministry) must as a matter of urgency review ASAP its decision and resolution on individual bond holders. I don’t agree with them and I think it’s unfair and untenable!

Review your decision now!@Joy997FM @Citi973

— Hon. Frank Annoh-Dompreh (@FAnnohDompreh) January 14, 2023

The Ghana Individual Bondholder’s Forum on Friday petitioned Ofori-Atta to exclude its members from the government’s domestic debt exchange programme.

The forum is one of the groups vehemently kicking against the government’s decision to give individual bondholders a haircut under the debt restructuring initiative.

The forum which consists of persons holding investments in the Government of Ghana’s Local Cedi Bonds, the Government of Ghana’s Local USD Bonds, ESLA PLC Bonds, Daakye Bonds, Ghana Eurobonds, and Collective investment schemes with investments in the above securities said the announcement of the programme “has been extremely unsettling and catastrophic for our membership” and demand that they be excluded.

“Since the commencement of considerations and discussions on the government’s debt restructuring in the second half of 2022, Individual Bondholders have not been engaged in the process. This is at variance with the contractual principles of good faith, fairness and best practices.”