Individual bondholders notify Police to start picketing on Monday Feb. 20

Individual bondholders have told the Police to start picketing on Monday 20 February

Members of the Individual Bond Holders Forum have notified the Police of their intention to start a picket at the Ministry of Finance from Monday, February 20.

The coordinator of the forum, Markin Kpebu said, he notified the Police on Tuesday, February 14.

“I am with the Police today to inform them of the plan to picket from Monday February 20,” he said on TV3’s Ghana Tonight show on Tuesday, February 14.

He explained that the bond amount of GHS4.2 billion was due on Monday February 6 but the government has not yet paid it.

This, he pointed out, created anxiety among bondholders.

“The government has broken its promise to honor all existing bonds. GHS4.2billion of matured bonds, not all of which belong to individual bondholders, but so far the government has not paid. Our members are experiencing sleepless nights, anger palpitations etc.

“The bond matures on February 6, but as we speak today, we have not been paid,” he said.

The Government has extended the Exchange Settlement Date from February 14, 2023 which was previously announced to February 21 in the Domestic Debt Exchange Program (DDEP).

This is to provide sufficient time to complete the New Bonds in an efficient manner, a statement issued by the Ministry of Finance, Tuesday 14 February.

“To provide sufficient time to complete the New Bonds in an efficient manner, the Government has extended the Exchange Settlement Date from the previously announced 14 February 2023 to 21 February 2023”, the statement said.

The Ministry earlier thanked all the bondholders who voluntarily participated in the DDEP.

The program closed on Friday, February 10 after several deadlines.

The Minister of Finance, Ken Ofori-Atta, has targeted more than 80 percent participation amid agitations between individual bondholders and some Senior Citizens, who are seeking exemption from the Programme.

“The Government’s Domestic Debt Exchange Program (DDEP) closed on Friday, February 10, 2023 with the participation of more than 80% of eligible bonds,” revealed a statement issued by the Ministry of Finance on Tuesday, February 14.

“The government would like to thank the people of Ghana for their patience and support during this very difficult time.”

He said with the participation of voluntary bondholders after the closing of the Program on Friday, the country has come close to securing an additional credit facility (ECF) of $3 billion from the International Monetary Fund (IMF).

“The DDEP was implemented to help protect the economy and improve our capacity to effectively service public debt.

“The alternative of not implementing the DDEP would be a serious disruption in the servicing of our national debt and exacerbate the current economic crisis.

“The government, therefore, is grateful for the overwhelming participation of all bondholders.

“Your support and contribution have brought your country closer to securing the IMF program.”

It asks individual bondholders, especially pensioners, who do not participate in the Program, to be sure that the coupon payments and the mature principal will be honored in accordance with the established rules.

By Laud Nartey|3news.com|Ghana

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