Story: Business Desk

The Coalition of Individual Bondholders has given the Ministry of Finance a 48-hour ultimatum to pay all matured principal and outstanding coupons due on the existing bonds issued by the government.

The coalition made up of the Ghana Individual Bondholders Forum and Individual Bondholders Association of Ghana also slammed the Securities and Exchange Commission (SEC), Ghana and the Ghana Fixed Income Market of the Ghana Stock Exchange for shirking their responsibilities and going mute on the development.

“At the close of business on 13th March 2023, the Ministry of Finance, led by Hon. Ken Ofori-Atta, has  disregarded all the basic rules that have been established to protect the integrity of the local markets and maintain sovereign credibility for Ghana.

“It is most unfortunate that the ministry continues to have absolute disregard for its creditors, in this case, Individual bondholders, despite prior meetings held in which we stated the need for communication.”

“The coupon and principal payments due to Individual Bondholders who opted out of the Voluntary Domestic Debt Exchange programme have not been paid, despite written press releases confirming the resumption of payments on 13th March 2023.

“We are giving a 48-hour ultimatum to the Ministry of Finance to honour its word to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana. We call on the Securities and Exchange Commission and the Ghana Stock Exchange to enforce the rules of full disclosure required by all issuers including the Government of Ghana.

“We will fight to ensure the full payment of our monies and the preservation of our Securities Markets for the future generation.”