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The convener of the Individual Bond Holders Association of Ghana (IBHAG), Martin Kpebu, is unhappy with the timeline government announced for the payment of coupons and principals of old bonds.
The Finance Ministry in a statement on February 27, 2023, once again assured that payments of matured coupons and principal of old bonds will resume on March 13, 2023, after it reneged on its promise of paying coupons that matured on February 6-20, 2023.
Speaking on Eyewitness News after visiting the Finance Ministry to demand coupon payments, Mr. Kpebu said they are not satisfied with the government’s new timeline and described it as disturbing.
He noted that the leadership of the group will meet to request more clarification from the government on the payment plans.
“No, it doesn’t satisfy us, so as leaders, we will look at it and come back. I think we can get better clarification on it, but that’s my opinion for now. We haven’t met as a group to determine, but obviously, it’s a bit disturbing. Just saying by March 13, you will resume (coupon and principal payments) doesn’t mean anything. So when you start, how many people are you paying on day one? By March 13, it means theoretically you can start tomorrow. Assuming something good happens, windfall, they can start any day before the 13th”.
“When you say you will start paying, do you say that you can pay let’s say 5,000 people the first time and say the money is finished so the remaining 95,000 people you will pay the following month or the next or one year later? So you see the problems with the construction? That’s where the problem is, this doesn’t look good”.
The Coalition of Individual bondholders groups made up of the pensioner Bondholders Forum, the Individual Bondholders Association of Ghana and the Individual Bondholders Forum earlier on Monday called on the Finance Ministry to demand the payment of matured bonds that were not tendered under the Domestic Dept Exchange Programme (DDEP).
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