By John Guamah Amanor
Convener for the Pensioner Bondholders Forum, Dr Adu Anane Antwi, has given reasons why members of the forum are demanding for government to totally exempt them from the Domestic Debt Exchange Programme inspite of claims that participation in programme is voluntary.
According to Dr. Adu Anane, there is a clear difference between government exemption and self-exemption from the Domestic Debt Exchange Programme.
“If the issuer which is the government exempts you, he is telling you the debt that he owns you he hasn’t got any problem at all servicing or paying your coupon or principal when they are due therefore, he is not restructuring it,” Dr Adu Anane explained.
Dr. Adu Anane added that although government has said participation in the programme is voluntary, holding on to one’s bond is tantamount to self exemption which is not the same as issuer exemption.
“The program ended Friday, it means we are still keeping our bonds, and that can be called self-exemption.
The Minister said participation is voluntary. So as you decided not to go under it, you may be thinking that you have self-exempted and that’s why people are saying, well if you said you wouldn’t participate why are you still asking for exemption? But there is a clear difference,” Dr Adu Anane said.
He further stated that bondholders exempted by the issuer have the right to question the issuer should he fail to live up to its promises. This, according to him, is not the case for self-exempted bondholders.
“If the issuer says he has exempted you, it means you are going to have all your benefits. But those bonds that he will be having problem servicing are what he want to restructure. So if because of my inability to service, I want to restructure and you the holder of that bond decided that you don’t care, then you have taken it upon yourself that I don’t want to exchange. When the time for payment is due and the issuer has problem, those of us whom the issuer has exempted can question and demand a payment of our full benefits,” he said.
