The Immediate Past Director General of the Securities and Exchange Commission (SEC), Dr. Adu Anane-Antwi, has called on the Ghana Stock Exchange to bring Ghana Cocoa Board (COCOBOD) to book over its non-payment of cocoa bills.
According to him, the financial market thrives on information, therefore COCOBOD as an issuer of the bonds should explain why it is unable to pay customers’ coupons and principals to date.
In an interview on Joy FM’s Top Story on Wednesday, January 17, Dr Anane Antwi added that the silence of COCOBOD on the matter is disheartening and wrong.
“If you can’t do something, come out with the information. Investors should know, they are expecting their coupons to come by X date, if by X date you cannot do it let them know,” he said.
“People who are managing the Stock Exchange should bring these people [COCOBOD] to book. Tell them that you must provide the information to the market. Let the market decide what they would do with that information,” he added.
Dr. Anane-Antwi comments come after some holders of cocoa bills who did not participate in the Government of Ghana Cocoa Bill Exchange programme, demanded COCOBOD pay them before the end of January 2024. According to them, the delay by COCOBOD to pay them their coupons and principals is affecting their livelihood.
Dr. Anane-Antwi, also Convener of Pensioner Bondholders Forum called on the government to treat cocoa bills as Daakye bonds and ESLA bonds and settle customers when their bonds are due.
Similarly, former Convener of the Individual Bondholders Forum, Senyo Hosi, has criticized COCOBOD and the government over the non-payment of cocoa bills.
He blamed the central government for the failure of COCOBOD to settle the customers’ funds while sympathising with the customers, describing the situation as sad and unacceptable.
He called for the customers’ funds to be paid immediately and urged the government to take responsibility, emphasising that people’s lives are at stake.
Mr Hosi asserted that there is no difference between cocoa bills and treasury bills; therefore, if the government is paying treasury bills, it should do the same for cocoa bills.
Again, he criticised COCOBOD for not defending the lives of the customers, adding that COCOBOD benefits from taxpayers. He also questioned the Securities and Exchange Commission’s silence on the matter, as they are responsible for providing investor protection.
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