President Nana Addo Dankwa Akufo-Addo has been petitioned by a group of individual bondholders in Ghana, asking him to solve the problem of matured bonds that weren’t tendered under the Domestic Debt Exchange Plan not being paid.
The Ghana Individual Bondholders Forum (IBF) and the Individual Bondholders Association of Ghana filed the petition and expressed dissatisfaction that, despite numerous guarantees, the government had not honored the payment of the matured bonds, which totaled 1 billion cedis.
According to the alliance, its members rely on these monies to cover crucial expenses like prescription drugs, kids’ educations, and the welfare of their families, including pensioners.
The coalition emphasized its willingness to work with the government to develop a payment schedule and structure that would be mutually beneficial but criticized the Finance Ministry’s nonresponsive behavior, which they claimed represented a serious betrayal of the public’s trust in the government.
“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,” the petition reads.
“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.”
Read the petition below: