The Coalition of Individual Bondholders Groups (CIBG) has given the government a 48-hour ultimatum to pay all matured principal and outstanding coupons due on existing bonds.
This comes after the Ministry of Finance failed to honour its promise to pay all individual bondholders who elected not to participate in the Domestic Debt Exchange Programme (DDEP) starting from 13 March.
A statement issued by the CIBG on Tuesday (14 March) said the group will fight until the government honours its promise.
In the statement, signed by Joel Djangma Akwetey and Senyo Hosi, the coalition called on the Securities and Exchange Commission and the Ghana Stock Exchange (GSE) to enforce the rules of full disclosure required by all issuers, including the Government of Ghana.
Reassurance
The CIBG statement said: “Reference is made to the press release from the Ministry of Finance (MOF/GA/PR/DDE.EXT.23/006) dated 14th February 2023 which states as follows in Clause 3: ‘The government would like to reassure all individual bondholders who elected not to participate that your coupon payments and maturing principals, like all government bonds, will be honoured in line with government fiscal commitments.’
“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 13 March 2023.
“We are giving a 48-hour ultimatum to the Ministry for Finance to honour its word to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana,” the statement said.
Read the full statement:
Reporting by Fred Dzakpata in Accra
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