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1Family Radio > Blog > Business > Deal with the commercial banks and not the rural banks – Dr. John Kwakye to government
Business

Deal with the commercial banks and not the rural banks – Dr. John Kwakye to government

1Family Radio
Last updated: 2023/01/25 at 12:26 PM
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Dr. John Kwakye, the Director of research at the Institute of Economic Affairs has advised the government that the rural banks, pension funds and the individual bondholders should be exempted from the Domestic Debt Exchange Program.

Speaking with some journalists at a conference held in Accra on January 24, 2023, monitored by 1Family Radio, he uttered that the donations from the rural banks are basically for the indigent citizens in society and involving the rural banks in the debt exchange will only deny them of their investments.

 Dr. Kwakye stated that the monies the rural banks put into the government bonds are from the less privileged in the country. Therefore the government shouldn’t include them in the DDEP but he should rather work with the commercial banks.

He urged government to carry out a more advanced coupon of 8 to 12% over the maturity period because the three-year suspension on repayment of principal under the debt exchange is rigid and retrogressive. He added that the coupon method will conserve the banks as well as the individuals.

Dr. Kwakye instructed that in order for the debt restructuring program to more prosperous, it should be drawn in such a way that it secures the solidity of the banking sector and it must be capable of reducing the rate of capital outflow in the country.

Dr. Kwakye concluded that different debt restructuring proposals should be studied to know the outcomes it will have on the stability of the banking sector.

Source: 1Familyradio 

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TAGGED: Dr.Johnkwakye, financeminister, GBC, ghana workers, ghanaeconomysector, institute of Economic affairs, ken ofori-Atta, ministry of finance, The banking sector
1Family Radio January 25, 2023
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