The Ministry of Finance has been given a 48-hour ultimatum to pay all matured principal and outstanding coupons due on the existing bonds issued by the government.
The ultimatum was given by the Coalition of Individual Bondholders, made up of the Ghana Individual Bondholders Forum and Individual Bondholders Association of Ghana.
This comes after the deadline given by the Government of Ghana to honour its debt obligation ended on Monday, March 13, 2023.
According to the coalition, despite written press releases confirming the resumption of payments on 13th March 2023, the coupon and principal payments due to Individual Bondholders who opted out of the Voluntary Domestic Debt Exchange Programme have not been paid.
They are therefore, “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.”
While expressing their displeasure that the Ministry of Finance, led by Ken Ofori-Atta, has disregarded all the basic rules that have been established to protect the integrity of the local markets, they also called 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.
The group in a statement lambasted the SEC for neglecting its responsibilities and remaining mute on the matter.
“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 Coalition of Individual Bondholders have resolved to “fight to ensure the full payment of our monies and the preservation of our Securities Markets for the future generation.”