The Coalition of Individual Bondholders Groups has petitioned President Akufo-Addo on the non-payment of old bonds that were not part of the recent domestic debt exchange programme.
The groups, made up of the Ghana Individual Bondholders Forum (IBF), and the Individual Bond Holders Association of Ghana (IBHAG) regretted that the Finance Ministry has consistently defaulted in paying the bonds after it mature.
“We are saddened to have to resort to petitioning you for a resolution to the continuous non-payment of old bonds due. Your Excellency, you have been categorical in your assurances of payment to individuals who opted to trust your government and invest in its bonds,” a statement signed by the Convener of IBF Senyo Hosi, and Convener of IBHAG Dr. Joel Djangma, said.
They recalled that at a recent state of the nation address, by the President, he reaffirmed his commitment to ensure that bondholders who did not participate in the debt restructuring receive their funds.
“Unfortunately, contrary to your professed honourable position, Government has since the completion of the Domestic Debt Exchange programme (DDEP) failed to honour five out of eight payments due under the old bonds totalling about one billion cedis for individual bondholders”.
The statement pointed out that the groups have endeavoured to nurture a very cooperative and healthy relationship with the Ministry of Finance to effectively manage expectations of its members and sustain a stable social environment relative to the tensions that marked the beginning of the DDEP.
“Unfortunately our cooperation has been taken for granted. We have on four occasions requested the Minister of Finance to advise a payment schedule to provide guidance to investors. We are disappointed to bring to your notice that none of these requests has been responded to. Neither has our request to meet been honoured”.
The groups reminded government that amidst the current economic challenges, savings have become a major source of income for many families to self-sustain.
They stated that the continuous delay or disregard for the payments is creating undue distress for fellow Ghanaians.
“Our members depend on these funds to meet pertinent needs like medication, children’s education and the general welfare of their families and include pensioners whose sustenance, health, dignity of independence and honour of responsibility in taking care of their young wards and families are contingent on these savings”.
“We do recognise the fiscal challenges Government faces and for which reason we have expressed willingness to cooperate over a mutually viable payment schedule and structure”, it added.
The groups lamented that the non-responsive conduct of the Finance Ministry leaves much to be desired and represents a gross breach of trust not just with them, as creditors, but between the government and the governed.
“Your Excellency, your fellow Ghanaians are suffering unduly. We urge you to take urgent and necessary steps to rationalise this situation and honour your word to effect payments due to individual old bondholders”.
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