In a reply dated Friday, November 18, the Attorney General advised the government against such a move.
“The process of the government undertaking debt restructuring does not fall within the confines of articles 21 and 31 of the Constitution.
“Debt restructuring which may require the Government to vary terms of its bond agreements will not constitute an emergency situation permitting the President to invoke the emergency powers conferred upon him by the Constitution.”
Mr. Yeboah Dame further explained: “Even though Governments are entitled to issue executive instruments or to take measures, as provided in Act 982 to address issues of unforeseen economic shocks, doing so to impose CACs on bondholders may amount to a unilateral modification of a bond agreement which is also the product of the exercise of an executive action of the government in its commercial capacity.”
Mr. Ofori-Atta was consequently advised by the AG to voluntarily engage with relevant parties in order to make the programme successful.