The Coalition of Individual Bondholders Forum has petitioned President Nana Addo Dankwa Akufo-Addo on the failure to pay matured bonds that were not tendered under the Domestic Debt Exchange Programme.
In its appeal, the Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana expressed regret that, despite multiple pledges from the government, the administration had failed to honor the payment of the matured bonds totaling GHC1 billion.
“We regret having to resort to petitioning you for a resolution to the ongoing nonpayment of old bonds due.” Your Excellency, you have been unequivocal in your promises of payment to those who have chosen to trust your government and invest in its bonds.
“Unfortunately, contrary to your professed honorable position, Government has failed to honour five (5) out of eight (8) payments due under the old bonds totaling approximately GHS1 billion for individual bondholders since the completion of the Domestic Debt Exchange Programme (DDEP).”
“We have asked the Minister of Finance four times to create a payment schedule to provide guidance to investors.” We regret to inform you that none of these requests have received a response. Our invitation to meet has also not been honored.”
The Coalition emphasized that its members “rely on these funds to meet pertinent needs such as medication, children’s education, and the general welfare of their families, as well as pensioners whose sustenance, health, dignity of independence, and honor of responsibility in caring for their young wards and families are dependent on these savings.”
“We recognize the fiscal challenges that the government is facing, and as a result, we have expressed a willingness to collaborate on a mutually viable payment schedule and structure.” Respectfully, the Finance Ministry’s non-responsive behavior leaves much to be desired and marks a serious violation of confidence not just with us, as creditors, but also between the government and the governed.
“Your Excellency, your fellow Ghanaians are being treated unfairly.” We implore you to take immediate and necessary steps to rationalize the situation and keep your promise to make payments owed to individual old bonds.”
Source: dailyguidenetwork.com