Individual Bondholders Suspend Picketing At Finance Ministry After Government's Settles Coupons

• Individual bondholders have suspended their planned picketing at the Finance Ministry to demand outstanding principals and coupons.
• The bondholders suspended the protest after the government settled the outstanding matured coupons and principals owed them
• The finance ministry assured that it would continue to engage with the bondholders, moving forward

The Coalition of Individual Bondholders Groups has suspended its planned protest at the Finance Ministry to demand payments of their outstanding principals and coupons.

This is after the government settled the outstanding matured coupons and principals owed.

In a statement, the bondholders said its plan to picket at the Finance Ministry would remain suspended “unless the Government breaches its commitment again.”

Despite the suspension of the protest, the bondholders stressed that they were still unhappy with the current state of affairs.

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“We remain indeed angry, but we choose to exercise extreme self-control, provided that the government continues to fulfil its obligations promptly as agreed.”

Assurance from the government

The government confirmed the settlement of all outstanding arrears owed to members of the Individual Bondholders’ Forum in a statement of its own,

A statement issued by the Finance Ministry on Monday explained that all coupons and principals due up to June 19 have been paid, and instructions for the payment of coupons up until July 10, 2023, have been sent out.

“Per the terms of the MOU, the government undertook to pay all arrears on coupons on bonds maturing by 31st May, 2023, as well as coupons failing due from 1st June 2023.”

The government further reassured all bondholders of its commitment to continue engagement with the leadership of the Coalition of Individual Bondholders Groups.

It also reiterated its dedication to implementing the terms of the Memorandum of Understanding (MOU) signed on May 16, 2023, between the two.

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An MoU was signed during efforts by the government to swap $10.5 billion in local bonds with new ones ahead of support from the International Monetary Fund.

The individual bondholders resisted the domestic debt exchange over concerns they could lose almost all their investments due to high inflation.

Earlier demands from bondholders

YEN.com.gh earlier reported that the individual bondholders were going to picket at the Finance Ministry from July 11, 2023.

They complained that the government had failed to meet the June 30, 2023, deadline given to settle their grievances.

The Individual Bond Holders Association of Ghana wanted the full payment of all outstanding Principals and coupons by

Bondholders put demands across Among its earlier demands, the bondholder groups comprising the Ghana Individual Bondholders' Forum and the

Source: YEN.com.gh