The resolution of all outstanding debts owed to participants in the Individual Bondholders’ Forum has been formally notified by the government. It was confirmed in a statement issued by the Finance Ministry on Monday that all past-due coupons and principal amounts up to June 19 had been settled in full and that orders for coupon payments through July 10, 2023, had been sent.
The government has also reaffirmed its dedication to continuing its positive conversation with the Coalition of Individual Bondholders Groups (CIBG) leadership.
It has highlighted how committed it is to carrying out the agreements made in the Memorandum of Understanding (MOU) with the bondholders.
The Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana, which make up the CIBG, previously threatened to protest outside the Finance Ministry in order to demand payment of unpaid principal and coupons. Their displeasure was caused by the government’s disregard for the MOU’s agreed-upon payment schedule.
However, the government has succeeded in paying all arrears pertaining to coupons for bonds maturing on or before May 31, 2023, as well as coupons due starting on or after June 1, 2023, in accordance with the conditions outlined in the MOU.
“The Ministry of Finance expresses its gratitude to all bondholders for their unwavering support during this period of tight liquidity. The government remains confident that by working collaboratively with all stakeholders, we will restore macroeconomic stability, achieve inclusive economic growth, and transform the Republic,” stated the Finance Ministry.
The government’s declaration is a step in the right direction toward allaying individual bondholders’ worries and ensuring that agreed-upon financial commitments are met.
The Coalition of Individual Bondholders Groups members temporarily halted their scheduled picketing at the Finance Ministry’s offices in order to demand payment of their unpaid principal and coupons.
Read the full statement from Ministry of Finance below: