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Speaker admits motion for DDEP to be submitted to Parliament

The Minority caucus in Parliament has succeeded with a private members’ motion for the Finance Minister, Ken Ofori-Atta, to present the Domestic Debt Restructuring Programme to the House for consideration.

The motion was moved by the Minority Leader, Cassiel Ato Forson, Minority Chief Whip, Governs Kwame Agboadza, Bawku Central MP, Mahama Ayariga, Bolgatanga Central MP, Isaac Adongo and MP for South Dayi, Rockson-Nelson Dafeamekpor.

Mr Ofori-Atta in February appeared before Parliament to brief the House on the domestic debt exchange programme.

The move was necessitated when the Minority Caucus demanded policy details on the DDEP as a result of the picketing of pensioners at the Ministry of Finance demanding exemption from the programme.

The voluntary debt exchange programme seeks to tackle the current economic crisis, bring back macroeconomic stability and guarantee sustainable growth.

According to Ofori-Atta, not executing the domestic debt exchange programme would have brought “grave disorder” in its ability to service the country’s ballooning national debt and exacerbated the current economic crisis.

“The domestic debt exchange programme is being done to help protect the economy and enhance our capacity to service our public debts effectively.”

Mr. Adongo in an earlier interview also indicated that it is unconstitutional for the President and his Finance Minister to delegate the power to execute a debt restructuring programme to themselves without considering the input of the people.

Speaking on Eyewitness News on Citi FM, the Bolgatanga Central legislator averred that “restructuring the debt of this country is too big for one person to do without taking the input of the people into consideration and that is why we want it brought to Parliament for approval.”

He added that “the president even knows that he doesn’t have the power to take some decisions without the approval of Parliament. The mandate of the people resides in Parliament and the President and the Finance Minister need to come to Parliament to seek approval because, without that, it has long-standing implications on the sovereignty of Ghana.”

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