We’ll settle outstanding coupons on April 28 – Finance Ministry

The Finance Ministry says it will settle outstanding debts on coupons by April 28, 2023.

This is contained in a press release issued by the Finance Ministry on April 14, 2023.

According to the statement, this 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.

"The meeting chaired by the Hon. Deputy Minister, Hon. Abena Osei-Asare, MP agreed that the Joint Technical Committee constituted on 18th January, 2023 reconvenes and agrees on a pathway, towards the settlement of the outstanding debt obligations, by 28th April, 2023," portions of the statement indicated.

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.

The groups made up of the Ghana Individual Bondholders Forum (IBF), and the Individual Bond Holders Association of Ghana (IBHAG) regretted that the Finance Ministry has consistently defaulted in paying the bonds after they matured.

"We are saddened to have to resort to petition 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," a statement signed by the Convener of IBF Senyo Hosi, and Convener of IBHAG Dr. Joel Djangma said.

They stated that the continuous delay or disregard for the payments is creating undue distress for fellow Ghanaians.

"Our members depend on these funds to meet pertinent needs like medication, children's education and the general welfare of their families and include pensioners whose sustenance, health, dignity of independence and honour of responsibility in taking care of their young wards and families are contingent on these savings".

"We do recognise the fiscal challenges Government faces and for which reason we have expressed willingness to cooperate over a mutually viable payment schedule and structure", it added.

Meanwhile, the Ministry of Finance thanked the Coalition of Individual Bondholders Groups and the Pensioner Bondholders Forum for their forbearance during the Domestic Debt Exchange Programme (DDEP) and subsequent administrative processes.