Finance Minister Gives Pensioners Total Exemption From The DDEP

Finance Minister Ken Ofori Atta has finally given pensioner bondholders total exemption from the Domestic Debt Exchange Program (DDEP).

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According to the minister of finance, any old bondholder who refused to sign up for the new bond has been totally exempted from the DDEP.

For the past two weeks, members of the pensioner bondholder forum have been picketing at the Finance Ministry, demanding that the Finance Minister, Ken Ofori-Atta, write to them expressly declaring their exemption from the Domestic Debt Exchange Program.

The government announced on Monday that it had achieved over 80% participation of eligible bonds in the Domestic Exchange program.

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Individual bondholders and pensioners who did not participate in the program were assured that their coupons would be honored when they matured.

But despite the assurances, the Lead Convener of the Pensioner Bondholder Forum, Dr. Adu Antwi, insisted in an interview that the only move that will stop their continuous picketing at the Finance Ministry is the Finance Minister writing to them to expressly exempt them, as was done in the case of pension funds.

In parliament today, while providing an update on the state of the DDEP, Ken Ofori Atta assured pensioners that the government is ready to honor their coupons anytime they mature.

“Mr. Speaker, in seeking to understand the concerns of our senior citizens, I have met with them on three occasions, the recent was yesterday 15th February 2023 where I explained the terms of the new bonds. Mr. Speaker, I subsequently wrote to their convener letting him know that all pensioners who did not participate in the bond offering are exempted”, he said.

He also assured them of government’s willingness to protect the wellbeing of aged people in the country. He also added that he will fulfill all commitments to them.

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