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NAM 1's Menzgold better than Ken Ofori-Atta's govt bonds — Sammy Gyamfi

Sammy Gyamfi, the National Communications Director of the National Democratic Congress (NDC) has said the domestic debt exchange programme introduced by the government will fail.

Embattled CEO of Menzgold, Nana Appiah Mensah

He said the difficulties Ghanaian bondholders are facing are worse than the scam of the beleaguered Chief Executive Officer (CEO) of Menzgold Ghana Limited CEO, Nana Appiah Mensah.

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Speaking on Good Morning Ghana on Metro TV, Sammy Gyamfi explained that the government closed down financial institutions, including Menzgold, because they could not pay their depositors, and now the government also cannot pay its creditors.

"…Menzgold is better than this government. The financial companies that you shut down, what was the reason? You shut them down because they were unable to pay their depositors. Today, you can't pay your creditors, are you better them," he stated.

Earlier, the Majority Leader in Parliament, Osei Kyei Mensah-Bonsu said Parliament was not consulted properly on the programme.

He said the government has to do a proper consultation of the programme.

Speaking with a group of individual bondholders led by convener, Senyo Hosi and private legal practitioner Martin Kpebu after a petition to exclude individual bondholders from the debt exchange was presented to him on Friday, the Suame MP called on the Finance Minister to properly engage with major stakeholders.

Meanwhile, the Ministry of Finance has announced that the deadline for the domestic debt exchange programme will be on January 31, 2023.

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