Coalition of Individual Bondholders Groups to picket at Finance Ministry over unpaid bonds
The Coalition of Individual Bondholders Groups has notified government that members of the group will picket the Ministry of Finance from July 6 to demand payments of their bonds.
The picketing will continue until their grievances are addressed by the relevant authorities.
The Coalition, which is made up of the Individual Bondholders Association of Ghana (IBHAG), and Individual Bondholders’ Forum (IBF), consist of about 3,000 individual bondholders.
The group announced the planned picketing in statement signed by Convener of IBHAG, Dr. Joel Djangma and Convener of the IBF, Senyo K. Hosi.
“The Coalition would like to picket from the 6th of July 2023 till the resolution of our grievances. We shall be picketing to among other things, draw governments attention to its failure to pay outstanding Principals due its members and the facilitation of the conversion of subsequent maturing bonds into treasury bills in the month of June and beyond as agreed in the MOU signed by the leadership of the Coalition of Individual Bondholders and the Ministry of Finance on behalf of the government”.
The coalition had earlier expressed deep concern over the government’s failure to honour a previously signed Memorandum of Understanding (MoU) that aimed to ensure timely payments.
Despite the existence of the agreement, the government has yet to fulfil its obligations, leading to frustration and financial strain for the bondholders.
The coalition emphasizes the urgency of the matter and highlighted the detrimental impact of delayed payments on individual bondholders.
“Government has so far not shown any commitment whatsoever to honoring this agreement to alleviate the pain, hardships and untold stress on our members.”
“The government has without recourse to our fundamental rights to own property as stipulated in the highest law of the land taken over our properties and as such, we, the Coalition of Individual Bondholders in the spirit of our National Anthem to resist Oppressor’s welcomes your corporation and professionalism in our quest to demand what is rightfully ours”, the statement concluded.
Source: Ghana Business
