Ken Ofori Atta, Finance Minister
The Ministry of Finance has assured that bondholders whose coupon and principal payments matured on February 6, 2023, and February 13, 2023 will receive their funds within the next 48 hours.
The assurance comes after the Coalition of Individual Bondholder Groups complained of not receiving their payments following the expiration of the deadline by the government to honour its debt obligation on Monday, March 13, 2023.
According to a statement from the Finance Ministry, the processes to settle the payments on outstanding bonds commenced on the March 13, 2023.
“The initial instruction covers coupon and principal payments on bonds that matured on March 6, 2023 and February 13, 2023. Holders of the afore-listed bonds should therefore expect to receive their payments within the next 48 hours,” the statement said.
“Payments dates for subsequent maturities will be communicated in due course, as processing continues”, it added.
The Coalition issued a 48-hour ultimatum to the Ministry of Finance to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government.
In a statement signed by Dr. Joel Djangma Akwetey and Senyo Hosi, the coalition called 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.
“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,” it said.
It pledged to fight to ensure the full payment of investors’ monies and the preservation of the securities markets for the future generation.
The Finance Ministry in February promised to pay all bondholders who opted out of the Voluntary Domestic Debt Exchange programme their coupons and principals March 13, 2023, but it is yet to meet that obligation.
By Jamila Akweley Okertchiri