Debt Exchange Program: "A Very Necessary Evil . . . We've To Face The Painful Truths" - Gabby | Economy

Legal Practitioner and the Founder of Danquah Institute, Gabby Asare Otchere-Darko, has said the country is in a very difficult place regarding the Debt Exchange Programme.

According to him, what we are seeing with the mobilization of agitation on individual bondholders poses a real and serious risk worse than what we witnessed when opposition to E-levy succeeded in derailing an already shaky macroeconomic situation from 2021.

In a series of Tweets on Sunday afteroon, he said the debt exchange program is voluntary for individual bondholders but a very necessary evil for our economy.

"Its success is critical to restoring macroeconomic stability, securing an IMF programme. It hits those of us holding bonds very hard. A straight no to it is no solution," he said.

"I'm sorry but we have to face the hard/painful truths. We a'int sitting pretty. Our focus must be on how the burden to individual bondholders may be possibly eased; but not to take the hardline position of simply saying no to participate. It will come back to hit us harder!" he added.