Sophia Akuffo joins pensioner bondholders to picket at the Finance Ministry

The pensioners are demanding a total exemption of their investments from the domestic debt exchange programme.

The government has proposed a 15% coupon rate but the group of about 50 retirees singing patriotic Ghanaian songs told Citi News that they will not accept any haircuts on their investments as their livelihoods depend on the proceeds from these investments.

One pensioner bondholder told Citi News, "the only term we understand now is a total exemption. They exempted pension funds so we the retirees will return to picket again.

Sophia Akuffo displeased with the government's debt exchange programme held a placard that reads: "We use our bond yields to pay our: rents, medical bills, electricity, and water bills."

Sophia Akuffo Pulse Ghana

However, a deputy Finance Minister, Abena Osei Asare has indicated that the Debt Exchange Programme has achieved 50% participation so far.

In an interview on Accra-Citi FM, she said the government hopes to achieve 80% participation in the domestic debt exchange programme.

"As of yesterday, when we decided to extend and grant that administrative window, we had done above 50 percent," she stated.

She further stated that the government was very hopeful that more bondholders who were unable to tender their documents on Tuesday will complete the process before the new Friday deadline.

The government on Tuesday, February 7, 2023, extended the window for bondholders to complete tender processes as part of the controversial domestic debt exchange programme.

The deadline for signing up for the programme expired on Tuesday, February 7, 2023, but the government in a late-night press statement said some of the bondholders faced "technical glitches as they tried to complete the online tender process" hence the window to enable such persons to complete the process.