Ken Ofori-Atta (right) and President Akufo-Addo

The Coalition of Individual Bondholders has given the government a 48-hour ultimatum to pay all matured principal and outstanding coupons due on their existing bonds.

This comes on the back of what the Coalition describes as ‘more loud silence’ from the government on the payment of their matured principal and outstanding coupons.

 According to the Coalition, the coupon and principal payments due to Individual Bondholders who opted out of the Voluntary Domestic Debt Exchange programme (DDEP) have not been paid despite written press releases confirming the resumption of payments on 13th March 2023.

“The umbrella regulator of the Securities markets – Securities and Exchange Commission (SEC), Ghana – charged with a mandate to protect investors and market integrity have also maintained a loud silence throughout this period on the plight of Individual Bondholders . The Ghana Fixed Income Market of the Ghana Stock Exchange, where the old Government of Ghana bonds are listed and traded has also not enforced its basic rules of disclosure required by issuers. More loud silence.

“The little confidence remaining in the markets as a result of assurances from the Ministry of Finance is fading away under the full watch of the very institutions set up to protect it. Individual Bondholders, as was the case in the aftermath of the DDEP announcement, have been left to fight for themselves as the Government creates a full default on its obligations. Fight we will,” the Coalition indicated in a statement date March 14, 2023.

The continued: “We are 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. We call 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.”

Attached is the full statement from the Coalition

Source: Ghana/