The Coalition of Individual Bondholders Groups has notified government that members of the group will picket the Ministry of Finance to demand payments of their bonds.

The Coalition, which is made up of the Individual Bondholders Association of Ghana (IBHAG), and Individual Bondholders’ Forum (IBF), consist of about 3,000 individual bondholders.

In a statement signed by Convener of IBHAG Dr. Joel Djangma and Convener of the IBF, Senyo K. Hosi, the Coalition said its members will picket the ministry from July 6th, 2023 until the resolution of their grievances.

“We shall be picketing to among other things, draw governments attention to its failure to pay outstanding Principals due its members and the facilitation of the conversion of subsequent maturing bonds into treasury bills in the month of June and beyond as agreed in the MOU signed by the leadership of the Coalition of Individual Bondholders and the Ministry of Finance on behalf of the government,” the statement said.

The Coalition was appalled that government has so far not shown any commitment whatsoever to honoring an agreement to alleviate the pain, hardships and untold stress on its members.

“The government has without recourse to our fundamental rights to own property as stipulated in the highest law of the land taken over our properties and as such we, the Coalition of Individual Bondholders in the spirit of our National Anthem to resist Oppressor’s welcomes your corporation and professionalism in our quest to demand what is rightfully ours”, the statement said.

Background

Earlier, the Coalition of Individual Bondholders Groups (CIBG) stated that it is disturbed by the failure of the Ministry of Finance to commence implementation of a Memorandum of Understanding (MoU) between the government and the group on payment of coupons and principal on bonds.

The group said the MoU, which was signed on the June 16, 2023 on payment plans have not been honoured by the government.

“It has been 42 days since reaching the understanding and 11 days since the signing with no implementation undertaken. We do not want to believe that the invitation to dialogue was a futile action and a time buying gimmick but a conscious effort by both parties to ensure there is some relief to bondholders”, the Coalition said.

It added that payments of bonds have been in default for over 100 days, plunging people into a lot of hardship, discomfort and untold distress.

“We expect as a matter of urgency, the Ministry of Finance to as agreed; make full payment of all outstanding Principals and coupons by COB Friday, 30th June 2023”.

The group also appealed to government to fast track the Memoranda on Treasury bill conversion (June and beyond maturing bonds) for consideration of membership by COB Friday, 30th June 2023.

It lamented that each day of refusal to pay the matured coupons and principals represents critical health care and medication denied and serious injury to health of its membership and their dependents including their aged parents.

The statement pointed out that the situation is made worse by the inability of bondholders to pay school fees as children are denied children denied education, food and shelter.

“It will be insensitive for the government to renege on its promises again to our membership as this will trigger myriads of actions we have tried so much to control. We have had our fair share of the burden with Principals locked for over 4 months losing value with each passing day. It is the turn of the government to demonstrate its sense of responsibility, fairness and sensitivity to its citizens who opted to trust it with their hard-earned savings”.