Individual Bondholders To Resume Picketing At Finance Ministry Over Government's Failure To Pay Coupons
- Individual Bondholders have announced plans to resume picketing at the forecourt at the Finance Ministry from July 11, 2023
- They explained that the government has failed to meet June 30, 2023 deadline they gave the Finance Ministry to settle their grievances
- The bondholders have announced that they will meet on July 9, 2023, to plan modalities for the protest
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Individual bondholders are set to picket at the Finance Ministry on Tuesday, July 11, 2023, to protest the non-payment of money owed them by the government.
The bondholders are also upset about delays in implementing a Memorandum of Understanding (MoU) dated May 16, 2023, signed between the Coalition of Individual Bondholders Groups and the government.
The MoU was signed" amid efforts by the government to swap $10.5 billion in local bonds with new ones ahead of support from the IMF.
Source: Getty Images
Ghana recently received the first part of a $3 billion bailout cash to shore up balance of trade anomalies amid a debilitating debt situation.
"Payment of some bonds has been in default for over hundred (100) days, and it has been over fifty (50) days since agreeing on terms captured in the MoU with no implementation undertaken nor official communication on a way forward," a statement from the Coalition of Individual Bondholder Groups said.
Government accused of reneging on its promise to pay bondholders
The group accused the government of being "condescending, insensitive and disrespectful" in the process.
It also reiterated existing concerns that the payment delays were causing hardship to its members.
"Citizens continue to be denied [meds] for self, children and parents, school fees for children and relatives, sustenance of family and the dignity of adulthood. This unjustifiable pain must stop," the statement added.
Because of the situation, the Coalition of Individual Bondholder Groups said it would picket until its grievances are addressed.
The group also said it would hold a town hall meeting on Sunday, July 9, 2023, to plan towards the picketing.
Bondholders put demands across
Among its earlier demands, the bondholder groups comprising the Ghana Individual Bondholders' Forum and the Individual Bond Holders Association of Ghana wanted the full payment of all outstanding Principals and coupons by June 30, 2023.
It also wanted the government to fast-track the Memoranda on Treasury bill conversion by June 30, 2023.
Individual bondholders kick against debt exchange programme
YEN.com.gh reported previously that individual bondholders resisted the domestic debt exchange programme, fearing they will lose almost all their investments due to high inflation.
They have urged the government to explore alternative measures to deal with the country's debt crisis.
They also petitioned Parliament on January 13 over finance minister Ken Ofori-Atta's plan to include individual bondholders in the programme.
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Source: YEN.com.gh
