Sammy Gyamfi Criticizes “Asset Expropriation” That Passes For A Domestic Debt Exchange

Sammy Gyamfi, the National Democratic Congress (NDC’s) national communications officer, has warned Ghanaians not to accept the IMF negotiations’ presentation as a domestic debt exchange program.

In contrast to the debt swap that the government is attempting to force on Ghanaians, he views it as a traditional expropriation program.

On the 3FM Sunrise Morning Show, he told Johnnie Hughes that,

“First of all, it is not a debt exchange, and we must reject the label or description that the government is forcing onto us.

A traditional wealth expropriation, this. It is a wealth expropriation scheme, not a debt exchange.”

The Ghanaian government, according to Mr. Sammy Gyamfi, “claims it has been so careless with the extraordinary resources that were accumulated to me since it took power.”

It is bankrupt because it mismanaged and squandered all of the historic borrowings during the past six years.

He went on to say,

“The government is warning us that the economy is about to collapse, therefore now I have to reach into your bank accounts or wallet to grab your personal funds, or otherwise the economy will collapse,” the government said. That’s what’s going on, he claimed.

According to him, the constitution allows for the expropriation of property, but only when it serves the interests of public order, public safety, or public health.

“What we are dealing with right now is the result of pure carelessness. We trusted a small group of people with this country’s finances, yet they have been robbing us blindly for years, Sammy Gyamfi pointed out.

In the meantime, Ken Ofori-Atta, the finance minister, has suggested that as many people as possible should engage in the Domestic Debt Exchange scheme (DDE).

He claimed that economic recovery would be difficult to achieve if the government did not encourage as many people as possible to participate in the program.

“To be honest, failure to participate or a lower-than-anticipated turnout for the DDEP will delay attempts to end the current economic crisis. Additionally, there would be a risk to the prospects of receiving international financial backing and other financial guarantees, he added in a statement on Monday, February 6, 2023.

He went on to iterate that,

“This development could further strain and test the Government’s ability to honor important promises. We do not want this for our economy.

“What we want is an economy that gets back on track, one that is stable, lively, productive, and dynamic; one that meets the needs of people, homes, and businesses; one that produces shared and inclusive growth; and one that boosts earnings and standard of living,” he continued.

READ ALSO: We Need Detailed Information About the Gold4Oil Scheme: CSOs