Youth activist, Raymond Edem Tamakloe has lamented the toll the current country’s economic crisis is having on individuals’ investments.
According to him, the government is responsible for the hardships citizens are facing following the commencement of the debt exchange program and must apologize.
“Now calls have been made that the finance minister is incompetent and must give way for another person to come with fresh ideas and to reassure Ghanaians this same person that all of us believe has brought us into this same situation is the same person that has come to stand before us and telling us he wants to keep his hand in our pockets and take out money. Under what law,” he quizzed.
The Youth activist indicated that it is illegal to breach a contract of understanding until there is approval from the other party therefore the government should have consulted individuals before taking action.
“When you study contract law it is a basic provision in contract law that if you go into contract with another or another party you cannot unilaterally alter subsequently the terms of that agreement until the person gives express approval to that changes or whatever you want to make” the youth activist mentioned.
“Nothing of that sort has been made the individual who is going to be affected by the debt restructuring have not been engaged in any manner parliament has been lying to us” he added.
He believes leaders in the country have failed on their part to realize the complications citizens are facing adding that, “ in every human being there is an element we call closure so when I feel that you have done something to me and I feel that you are responsible for my pains and all that what I expect from you is an apology, a recognition of your action it is a show of remorse,” but in this concept, the government has been, “so arrogant it has remained intransigent and has failed to acknowledge it’s incompetence” he argued.
Reacting to data at his disposal over the government being remorseful enough by engaging with stakeholders who are likely to be affected by the debt exchange program, he argued that the government, “must show remorse, they must apologize and now come to the table to consult with us.”
He maintained that the future of the country is being robbed and if we do not speak there wouldn’t be any future we can aspire to.
Following the country’s economic crisis as well as efforts to secure a $3 billion bailout package from the International Monetary Fund (IMF), the government introduced the domestic debt exchange programme to help make its debt a bit bearable.
The debt exchange programme affects bonds and other financial instruments, a situation widely rejected by different groups.
Banks, Insurance firms and other identifiable institutions billed to receive haircuts as a result of the debt exchange programme have publicly raised concerns.