A daily newspaper affiliated with the governing New Patriotic Party (NPP) has blamed opposition lawmaker, Sam Nartey George, for Ghana’s recent bonds flop.
Ghana relies heavily on funding from the Eurobond market to fund expenditure, however, indications are that foreign investors are turning away from the country’s recent bonds issue.
“Ghana’s dollar bonds are the worst performers this month in a Bloomberg index tracking emerging-market hard-currency debt, with a decline of 5.8%. The 2025 yield jumped 153 basis points on Monday, the most in a day on record since the debt began to trade in April this year. It climbed a ninth consecutive day Wednesday by four basis points to 11.28%, the highest on record,” said a Bloomberg report on October 20, 2021.
A story carried by the Daily Statesman – a newspaper owned by President Nana Akufo-Addo’s cousin, Gabby Otchere-Darko – on Tuesday, November 9, 2021, blames Sam George’s unwavering stance against LGBTQI+ activities as the cause of Ghana’s Eurobond challenges.
The pro-NPP newspaper trumpets this curious position with the banner headline “Ghana’s bond flop blamed on Sam George: Analysts say anti-gay advocacy have serious economic implications.”
Sam George is leading a bipartisan private member's bill that aims to discourage LGBTQI+ activities in the country. LGBTQI activities are seen abomination by a large majority of Ghanaians.
READ ALSO: Sam George attacks Netherlands ambassador over visa
With open support from a multitude of the Ghanaian public, many are convinced the 'Promotion of Proper Human Sexual Rights and Family Values Bill 2021' will be passed by Ghana's Parliament before the end of this year.
Most gay financial analyst
In a sharp rebuttal to the publication by the Daily Statesman, the opposition National Democratic Congress (NDC) legislator mocked what he said was an attempt to blame him for poor economic management under the Nana Akufo-Addo led administration.
“The problem with Ghana's Eurobond is the shambolic and abysmal economic performance under Nana Addo Dankwa Akufo-Addo. When the head of your economic team [Vice President Mahamudu Bawumia] has become a twisted tech conman, it fails to engender trust in your economy.
“The fundamentals are weak and the international markets are exposing you. Ghana's once enviable bonds are turning to toilet paper under your watch. This is all on you lot and no one else. Even the most gay financial analyst is thinking of profit as his bottom line. Your bonds do not offer that,” Sam George, MP for Ningo-Prampram, fought back the accusation strongly in a Facebook post.
Punishment
NDC MP for Yapei Kusawgu, John Jinapor, also condemned the publication, fearing that the government was merely preparing the minds of Ghanaians ahead of a possible introduction of more tax during the 2022 budget presentation next week.
“Can you imagine. Blaming an individual for your abysmal Bond Performance.
“Hope this Government is not preparing our minds for additional draconian tax measures in the 2022 budget. NEVER!!!!!!” he also posted on his Facebook page on Tuesday.
Meanwhile, analysts have said Ghana’s Eurobond flop is punishment for dangerously high and unsustainable debt levels under the current administration.