Akufo-Addo Comes Under Fire For Saying All Bondholders Have Been Paid

• President Akufo-Addo is facing backlash for saying all bondholders have been paid
• According to a bondholder, he is yet to receive two coupons and his principal from the government
• Clarifying, convener of the Pensioners Bondholders Forum, Dr Adu Anane-Antwi said while individuals and pensioners have been paid, companies are yet to receive theirs

President Akufo-Addo has come under fire following his pronouncement that the government has paid all debtors under the domestic debt exchange.

Delivering his State of the Nation Address on Tuesday, February 27 on the floor of Parliament, Akufo-Addo stated that following a successful exchange of some GH¢203 billion worth of bonds, the government on August 22, 2023, successfully paid the first coupon of GH¢2,369.67 million on the new bonds.

He revealed that the government further paid GH¢2,060.72 million for the last leg of the domestic debt exchange on September 5, 2023.

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And on Tuesday, February 20, 2024, the second coupon of GH¢5,847.72 million was paid to domestic bondholders.

“This is the largest coupon paid in a day in Ghana’s history,” the President stated.

Bondholder says they are yet to receive full payment

However, contrary to his announcement, a section of the bondholders say they are yet to receive full payment including their principals.

One such person in an interview with JoyNews stated that he is yet to receive any coupons.

“We purchased the bond two years ago. Two of the coupons were claimed and two have not been claimed including the principal. Meanwhile the bond period is over.

“When we tried to find out from EDC and CSD we were told that we have been classified as a local company. So I felt the statement was very wrong. According to the President 5 to 8 billion has been paid to all domestic bondholders, it’s a blatant lie,” he said.

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Confirming the complaint by the bondholder, convener of the Pensioners Bondholders Forum, Dr Adu Anane-Antwi said those who are yet to receive their coupons are companies who did not tender their bonds for exchange.

However, all other individuals and pensioners, who also did not tender in their bonds, have been receiving their coupons.

Finance Minister settles Pensioner Bondholders

YEN.com.gh reported that the government has settled Pensioner bondholders after an alternative offer was made to them.

The pensioners had been picketing at the Finance Ministry demanding the payment of their coupons and principles.

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 YEN.com.gh that its members had started receiving the payments

Source: YEN.com.gh