Bondholders petition Prez Akufo-Addo over non-payment of matured bonds

A coalition of individual bondholders in Ghana has petitioned President Nana Addo Dankwa Akufo-Addo, urging him to address the issue of non-payment of matured bonds that were not tendered under the Domestic Debt Exchange Programme. 

The petition was submitted by the Ghana Individual Bondholders Forum (IBF) and the Individual Bondholders Association of Ghana, who expressed disappointment that the government had failed to honour the payment of the matured bonds, which totalled 1 billion cedis, despite several assurances. 

The coalition stated that its members depend on these funds to meet important needs such as medication, children's education, and the welfare of their families, including pensioners. 

The coalition expressed willingness to cooperate with the government in devising a mutually viable payment schedule and structure but criticized the non-responsive conduct of the Finance Ministry, which they said represents a gross breach of trust between the government and its citizens.

“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.”

“We have on four occasions requested the Minister of Finance to devise a payment schedule to provide guidance to investors. We are disappointed to bring to your notice that none of these requests has been responded to. Neither has our request to meet been honoured.”