individual bondholders Archives

11 Jul

Individual Bondholders Suspend Picketing Unless Government Breaches Its Commitment

wontumionlineBusinessindividual bondholders

The coalition of the Individual Bondholders groups has suspended their intended march to the Ministry of Finance scheduled for today July 11, 2023. According to a statement signed by the Conveners of the groups, Senyo Hosi and Dr. Joel Djangma Akwetey, the government has responded to the intended action by announcing the payment of outstanding bonds. They noted that “Even before the #OccupyFinance march would begin, victory has been brought to our doors with Government announcing at 11:40 pm yesterday of its payment of all outstanding principals and coupons and a commitment to honour the MoU of 16th May 2023.”…

11 Jul

Govt Has Settled All Outstanding Arrears Owed Individual Bondholders – Finance Ministry

wontumionlineBusinessindividual bondholders

The Ministry of Finance has announced that it has settled all the outstanding arrears on coupons and principals of individual bondholders up until 19th June. This comes at a time the bondholders had threatened to picket at the Finance Ministry today Tuesday, July 11 to demand the payment of outstanding principals and coupons. They had accused the government of failing to honor the agreed payment plan outlined in the Memorandum of Understanding (MoU) signed with the Coalition of Individual Bondholders Groups (CIBG) The Ministry of Finance in a statement issued on Monday, July 10 said “The Ministry of Finance takes…

06 Jul

Coalition Of Individual Bondholders To Picket Mof On July 11 Over Delayed Payment

wontumionlineBusinessindividual bondholders

The Coalition of Individual Bondholders groups have revealed plans to begin to picketing the Ministry of Finance (MoF) from July 11, 2023 to demand payment of outstanding principals and coupons owed to them by the government of Ghana. According to the coalition, payment of some bonds has been in default for over 100 days, and it has been over 50 days since agreeing on terms captured in the MoU signed on May 16, 2023 with no implementation undertaken nor official communication on a way forward. In a joint statement signed by the Convener of Individual Bondholders Forum, Senyo Hosi, and…

25 Apr

Individual Bondholders Association Of Ghana Withdraw From Technical Committee Over Concerns For Members’ Interests

wontumionlineBusinessindividual bondholders, Martin Kpebu

The Individual Bondholders Association of Ghana (IBHAG) has withdrawn from the Technical Committee of the government's Domestic Debt Exchange Programme (DDEP) due to concerns that the deliberations are not in the best interest of its members. The group argues that the process is causing pain to its members and deviates from promises made by the government. IBHAG's Convener, Martin Kpebu, in a letter addressed to the Minister of Finance on behalf of the group, said the government could not continue to be insensitive to the suffering of individual bondholders and urged a more humane approach. “We write to recuse the…

07 Feb

Debt Exchange: We Are Creating Incentives For Political Elite To Govern, Borrow And Use Anyhow – Bokpin

wontumionlineBusinessDomestic Debt Exchange Programme, individual bondholders, Pensioners, Professor Godfred Bokpin

Professor of Finance and Economics at the University of Ghana Business, Professor Godfred Bokpin, is warning of recurrence of debt restructuring if individual bondholders and pensioners are force to sign onto the Domestic Debt Exchange Programme. According to him, the nation is creating a governance system whereby governments will mismanage the economy and then later resort to debt restructuring. “Look, if we do not correct that canker and we coerce our own people, pensioners and the rest of them, we will go through this and probably less than three years, there may be the need to restructure our debts again”,…

12 Jan

Individual Bondholders Threaten Lawsuit Over Debt Exchange Programme

wontumionlineNewsDebt exchange programme, individual bondholders

A group of individual bondholders is threatening to take legal action against the government for including them in the controversial debt exchange programme. The group, known as the Ghana Individual Bondholders’ Forum in a statement signed by one of its convenors Senyo Hosi urged individual bondholders to reject and refrain from complying with the mandatory deadline imposed under the Domestic Debt Exchange (DDE) programme. It further urged indirect bondholders such as investors in mutual funds, cash trusts, and balance funds to inform their fund managers not to accept the DDE. It also advised government to open a channel of communication…

10 Jan

Debt Exchange: 3 Groups Representing Individual Bondholders To File Legal Suits Against Government – Bright Simons

wontumionlineBusinessBright Simmons, Debt exchange, individual bondholders, legal suits

Vice President of IMANI Ghana, Bright Simons, has revealed that three groups representing individual bondholders have commenced mobilisation to file legal suits against the government for including individual bondholders in the Debt Exchange Programme. According to him, one of such groups is led by a former boss of the Securities and Exchange Commission (SEC). The Finance Ministry had earlier cautioned individual holders of eligible bonds who refuse to take the Amended and Restated Exchange Memorandum under the Debt Exchange Programme provided by the State that they will find it difficult to obtain a judgement against the Government of Ghana. Under…