Debt Exchange: Finance Ministry Settles Pension Fund Bondholders After Protests

Debt Exchange: Finance Ministry Settles Pension Fund Bondholders After Protests

  • The government has settled Pension Funds bondholders after an alternative offer was made to them
  • Per an Exchange Memorandum, a payment of GH¢2,060.72 million was made to holders of Exchange Bonds
  • The Pensioner Bondholders Forum confirmed to that its members had started receiving the payments

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The government has announced the settlement of pension funds bondholders who held Ghana-denominated notes and bonds.

The finance ministry in the statement added that a payment of GH¢2,060.72 million was made to holders of Exchange Bonds on September 5, 2023.

Debt Exchange settlements
Pensioners during a protest at the finance ministry (L) and finance minister Ken Ofori Atta (R). Source: Getty Images.
Source: Getty Images

In addition, the ministry said on the same date, a payment of GH¢274.91 million was made to holders of Exchange Bonds in respect of their ESLA Bonds and Daakye Bonds.

“This successful result is a significant achievement for the Government as it pursues its macroeconomic stabilization policies under the IMF-supported Post-COVID-19 Programme for Economic Growth,” the finance ministry said.

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Commenting on the development to, the convener of the Pensioner Bondholders Forum, Dr Adu Anane Antwi, confirmed that the pensioners had started receiving payments.

Antwi, however, expressed hope that the government would consistently settle coupons that would become due as the year progresses.

“We are hoping the government does not relent in its duties to settle coupons… every week or two new coupons are due,” he noted.

Losses due to Domestic Debt Exchange Programme

In a related story on, the Bank of Ghana noted in its 2022 annual financial report that it lost GH¢55.12 billion due to haircuts that its investments suffered under the controversial Domestic Debt Exchange Programme (DDEP).

BoG said its holdings of marketable and non-marketable instruments were exchanged for lower-yielding instruments under the DDEP.

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The central bank governor said in the 2022 report that he was working to ensure equity was restored to a positive path by the end of 2027.

Meanwhile, reported that the BoG will no longer lend money to the government in its bid to avoid a repeat of the loss that happened in 2022.

The central bank said the zero-financing policy is also part of a grand plan to recoup some GH¢60.8 billion it lost in 2022.

Earlier protests from individual bondholders

Individual bondholders had also protested against the Debt Exchange Programme in 2023.

Under an umbrella body, the Ghana Individual Bondholders Forum (IBF), the group rallied all individual bondholders to reject the deal in its current form.

It called indirect bondholders such as investors in mutual funds, cash trusts, and balance funds to inform their fund managers not to accept the exchange programme.

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