The government has been set a 48-hour deadline by the Coalition of Individual Bondholders to pay all matured capital and unpaid coupons on their current bonds.
This follows the government’s’ more loud silence,’ in the Coalition’s words, regarding the payment of their matured debt and unpaid coupons.
The Coalition claims that despite written news statements stating that payments would resume on March 13, 2023, Individual Bondholders who chose not to participate in the Voluntary Domestic Debt Exchange Program (DDEP) are still owed their coupon and principal payments.
“The little confidence remaining in the markets as a result of assurances from the Ministry of Finance is fading away under the full watch of the very institutions set up to protect it. Individual Bondholders, as was the case in the aftermath of the DDEP announcement, have been left to fight for themselves as the Government creates a full default on its obligations. Fight we will,” the group stated in a statement released on March 14, 2023.
They also gave the government 48-hour ultimatum to honour its word by paying all matured principals and coupouns.
“We are giving a 48-hour ultimatum to the Ministry of Finance to honour its word to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana. We call on the Securities and Exchange Commission and the Ghana Stock Exchange to enforce the rules of full disclosure required by all issuers including the Government of Ghana”
Read the full statement below: