The Individual Bondholders Association of Ghana (IBHAG) has expressed disappointment over government’s failure to fulfill its obligation of making the needed payment for matured bonds and coupons slated for February 6, 2023.

This comes after the finance minister and the IBHAG had earlier, on verbal grounds, agreed to make payments of bonds and coupons upon maturities, as part of the revised Memorandum of the Debt Exchange Programme.

According to IBHAG, government going against what it has stated in the amended domestic debt exchange memorandum puts them in a state of confusion as to whether all the terms outlined in the revised DDEP will be complied by the government as indicated.

In a statement issued by IBHAG, the group contends that it demands the finance minister, ken Ofori-Atta to clarify his apparent contradiction to his previous statement.

“We call on the finance minister to clarify this apparent contradiction. If it turns out to be exactly what we have read in the memorandum, that will be a betrayal similar to the vein promises, veiled threats, and inconsistencies of the finance minister in the DDE exercise.
“We demand an explanation from the Minister on the memorandum, whilst we serve notice that our patience is waning. We are tired of the Minister’s shenanigans, and we will resort to whatever it takes to protect our health, the education of our children, and our livelihoods, in line with our national anthem, which enjoins us to resist oppressor’s rule.”
The Individual Bondholders Association of Ghana (IBHAG)

They further accused the finance minister, Ken Ofori-Atta of being boastful, leading to bonds default payment while reneging on promises made around the Domestic Debt Programme as part of building consensus.

“Meanwhile, he, Ken Ofori-Atta has remained arrogant, failed to oblige to stated measures outlined – leading to bonds default, ignoring all advice from his own government, political party, parliament, financial experts, religious bodies, traditional leaders, and Civil Society Organisations (CSOs) among many others.”
The Individual Bondholders Association of Ghana (IBHAG)

IBHAG in its statement however called on its members to remain resolute and resist the attempts to get them to sign onto the Debt Exchange Programme.

“Our technical and legal teams are assessing the memorandum and will advise on Monday on its implications. Members will be duly informed as to when to activate the next line of action.”
The Individual Bondholders Association of Ghana (IBHAG)

Meanwhile, the group said it would not allow the finance minister to use their hard-earned salaries, severance packages, life-long savings, and monies for their health care and children’s education to pay for his recklessness and incompetence.

The Individual Bondholders Association of Ghana (IBHAG) out of furiousness also accused the finance minister of using his company to serve as a transactional advisor to government’s reckless borrowings while benefiting from the said move.

Government Needs To Be Charged For Challenges With DDEP’s Implementation

Adding up to IBHAG’s blame to government, Tamale North MP, Alhassan Suhuyini, has blamed government for the challenges surrounding the implementation of its proposed Domestic Debt Exchange (DDE).

The NDC lawmaker said the current state of the programme is due to government’s arrogant posture despite cautions sounded about certain decisions taken earlier.

Contributing to discussions, the Honourable noted that there were calls for government to take a critical look at the economy.

However, he averred that these well-meaning calls were blatantly ignored by government, leading to the current economic crisis and the attendant problems surrounding the debt exchange programme.

“Government is arrogant. Government was intransigent. Government refused to listen to sound advice. In fact, when Government was told that our economy was in crisis in 2018, 2019, or was heading there, it was denied.
“It was pooh-poohed. And by 2020, the COVID had hit and exposed the fact that our government had been managing the economy carelessly. And that they had finished wasting the inheritances that they came to meet.”
Alhassan Suhuyini

In the face of what appears to be a turbulent situation for government, the MP called for a national debt forum to thoroughly discuss the debt exchange programme, as part of efforts to help rebuild the country’s ailing economy.