Individual Bondholders Association of Ghana (IBHAG) has recused itself from the deliberations of the Technical Committee of the government’s Domestic Debt Exchange Programme (DDEP).
According to the association, its decision to withdraw from the technical committee is necessitated by the deliberations which do not serve the primary interest of its members.
The group argued that the process is turning out to impose pain on its members which is a deviation from promises made by the government.
“We write to recuse the Individual Bondholders Association of Ghana (IBHAG) from the deliberations of the Technical Committee. This has become necessary as the deliberations so far seem not to serve the primary interest of the distressed bondholders which is to access their lock-up investments. So far, the process is turning out to rather impose a further degree of pain and despair on the bondholders and also depart from promises made by government to them.”
Individual Bondholders Association of Ghana
Contained in a statement signed by the Convener of IBHAG, Martin Kpebu, it stated that the Government cannot continue to be “insensitive to the suffering of the individual bond holders by deliberately punishing those who did not sign up to the DDEP” as it meticulously executes the various threats made to them for not signing up. It explained that the Ministry cannot keep making things comfortable for the government by not sharing in the burden of the economic hardship the Ghanaians are in as a country under its leadership.
The group insisted that it will hold on to the already agreed timelines expecting to receive outstanding principals and coupons to be paid.
“IBHAG will hold on to the already agreed timeline as per earlier meeting on the 14th of April 2023 with the Ministry of Finance where we expect all outstanding Principals and coupons to be paid. We urge you to consider a more sensitive and humane approach to alleviating the plight of the suffering Individual Bond Holders in Ghana.”
Individual Bondholders Association of Ghana
IBHAG criticizes Senyo Hosi
Furthermore, IBHAG slammed the Convener of Individual Bondholders Forum (IBF) Senyo Hosi over the position taken by him. It revealed that Senyo Hosi of IBF, appears to be an “appendage “of the Ministry of Finance by doing its bidding.
“This is supported by the wavering views, which departs completely from the past collective position of individual bondholders. Private meetings between Senyo Hosi of IBF and the Ministry of Finance, are not the solutions to the concerns of Individual Bondholders whose coupon and principal payments have been in arrears for over two months.”
Individual Bondholders Association of Ghana
IBHAG further indicated that private meetings between Senyo Hosi of IBF and the Ministry of Finance, are not the solutions to the concerns of Individual Bondholders whose coupon and principal payments have been in arrears for over two months. To this end, it urged the Finance Ministery to refrain from private meetings and discussions with some individuals who “appear to have dramatically disengaged from the interest of the collective”.
“IBHAG will continue to have a working relationship with the Pensioners Forum which seem to be the group more focused and determined to ensure the protection of the investments of the individual Bondholders.”
Individual Bondholders Association of Ghana
It will be recalled that in an April 14 press release, the Finance Ministry revealed that it will settle outstanding debts on coupons by April 28, 2023. It noted that the decision was reached after an engagement with the leadership of the Coalition of Individual Bondholders Groups on the timelines of payment of outstanding domestic debt obligations.
This comes after the Coalition of Individual Bondholders Groups on April 11, petitioned President Akufo-Addo on the non-payment of old bonds that were not part of the recent domestic debt exchange programme.
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