Bondholders petition Akufo-Addo over non-payment of matured bonds

The coalition of Individual Bondholders Forum has petitioned President Nana Addo Dankwa Akufo-Addo over the non-payment of matured bonds that were not tendered under the Domestic Debt Exchange Programme.

In a petition, the Coalition made up of the Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana expressed sadness that despite several assurances by the government, it had failed to honour the payment of the matured bonds totalling 1 billion cedis.

“We are saddened to have to resort to petitioning you for a resolution to the continuous non-payment
of old bonds due. Your Excellency, you have been categorical in your assurances of payment to
individuals who opted to trust your government and invest in its bonds.

“Unfortunately, contrary to your professed honourable position, Government has since the completion of the Domestic Debt Exchange programme (DDEP) failed to honour five (5) out of eight (8) payments due under the old bonds totalling about GHS1bn for individual bondholders.”

“We have on four occasions requested the Minister of Finance to devise a payment schedule to provide guidance to investors. We are disappointed to bring to your notice that none of these requests has been responded to. Neither has our request to meet been honoured.”

The Coalition added that its members “depend on these funds to meet pertinent needs like medication, children’s education and the general welfare of their families and include pensioners whose sustenance, health, dignity of independence and honour of responsibility in taking care of their young wards and families are contingent on these savings.”

“We do recognise the fiscal challenges Government faces and for this reason, we have expressed willingness to cooperate over a mutually viable payment schedule and structure. Respectfully, the
non-responsive conduct of the Finance Ministry leaves much to be desired and represents a gross breach of trust not just with us, as creditors, but between the government and the governed.

“Your Excellency, your fellow Ghanaians are suffering unduly. We urge you to take urgent and necessary steps to rationalise this situation and honour your word to effect payments due to individual old bondholders.”

Click here to read the full petition