The Coalition of Individual Bondholders Forum has petitioned President Nana Akufo-Addo over the non-payment of matured bonds that were not tendered under the Domestic Debt Exchange Programme.
The Coalition made up of the Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana, expressed dismay over disappointments on pledges to honour five out of eight payments due under the old bonds totalling GHC1 billion.
In its petition, the coalition stated that it had on four occasions made requests to the Finance Minister Ken Ofori Atta to devise a payment schedule to provide guidance to investors, but none of these requests had a response.
The coalition stressed that its members depend on these funds to meet pertinent needs like medication, children’s education and the general welfare of their families.
They have expressed willingness to cooperate on a mutually viable payment schedule and structure, but the non-responsive conduct of the Finance Ministry represents a gross breach of trust not just with the creditors, but between the government and the governed.
The coalition urged President Akufo-Addo to take urgent and necessary steps to rationalize the situation and honour the government’s word to effect payments due to individual old bondholders.
Below is the petition