General Secretary of the Council, Reverend Dr Cyril Fayose, speaking in an interview with Joy FM, entreated the government to adopt other measures to salvage the economic crisis rather than the Debt Exchange.
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Debt Exchange Programme will affect tithing and offering – Christian Council cries
The Christian Council of Ghana has called for a suspension of the ongoing Debt Exchange Programme that has been announced by the government, saying it will jeopardize the finances of church members and have affect tithing and offering negatively.
Reverend Dr Cyril Fayose
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According to him, Christians are also troubled by the debt exchange which poses danger to Ghanaians’ investments as some of them depend on interests on those investments for survival.
“Definitely. If members cannot get their coupons [and] cannot make ends meet, it will affect the tithing and also the offering. So it’s important that we fight for them so that we also get our share of the tithe,” Reverend Dr Cyril Fayose lamented.
The Government of Ghana launched the Domestic Debt Exchange programme, an invitation for the voluntary exchange of approximately GHS137 billion of the domestic notes and bonds of the Republic, including E.S.L.A. and Daakye bonds, for a package of New Bonds to be issued by the Republic.
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However, the programme has sparked agitations among investors and other stakeholders who have rejected the invitation, especially because one of the terms of the programme is that the government will not pay interest on bonds this year.
Currently, the Finance Ministry and individual bondholders as well as other stakeholders in the investment space have formed a joint technical committee to iron out the disagreements and reach a compromise.
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