According to the Finance Ministry, all outstanding coupons and principal payments through June 19, 2023 have been paid in full, and instructions for the payment of coupons that are due through July 10, 2023 have been distributed.
This is in light of a picket that individual bondholders will stage outside the Finance Ministry soon in protest over the unfulfilled promises made over the payment of their coupons.
On May 16, an agreement was struck between the government and the Coalition of Individual Bondholders’ Groups over the government’s unpaid domestic debt payment commitments.
In accordance with the MOU, the government agreed to pay any arrears on bond coupons payable starting on June 1, 2023 and expiring on May 31, 2023.
The heads of the bondholders’ organizations had claimed that the government had fallen short of its obligations.
The Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana issued a joint statement in which they expressed their displeasure with the government’s inaction, saying that “Payment of some bonds has been in default for over one hundred (100) days, and it has been over fifty (50) days since agreeing on the terms captured in the MoU with no implementation undertaken nor official communication on a way forward.”
The bondholders, who had trusted the government with their investments, expressed their displeasure with the situation, calling the government’s actions rude, insensitive, and condescending toward its own people.
In response to the worries expressed, the government has informed all bondholders of its continued commitment to constructive interaction with the CIBG’s leadership and to the fulfillment of the MOU’s requirements.
“The Ministry of Finance takes this opportunity to thank all bondholders for their continuous support during this period of tight liquidity. Government is confident that in working with all stakeholders, we shall restore macroeconomic stability, achieve inclusive economic growth, and transform the Republic,” it concluded.