Unpaid Bonds: Coalition of Individual Bondholders to Picket Finance Ministry

The Coalition of Individual Bondholders Groups, consisting of the Individual Bondholders Association of Ghana (IBHAG) and Individual Bondholders’ Forum (IBF), has announced plans to picket the Ministry of Finance from July 6 onwards. The coalition, comprising approximately 3,000 individual bondholders, is demanding payment of their bonds and resolution of their grievances.

Government’s failure to honor a previously signed Memorandum

The coalition’s primary concerns revolve around the government’s failure to honor a previously signed Memorandum of Understanding (MoU) that aimed to ensure timely payments. Despite the agreement, the government has not fulfilled its obligations, causing frustration and financial strain for the bondholders. The coalition emphasizes the urgent need for action and highlights the adverse impact of delayed payments on its members.

The Purpose of the Picketing

The picketing is intended to draw the government’s attention to its failure to pay outstanding principals to coalition members and its conversion of subsequent maturing bonds into treasury bills, which contradicts the terms of the MoU. The coalition believes that the government’s actions infringe upon the bondholders’ property rights as guaranteed by the country’s constitution.

The coalition concludes its statement by expressing its determination to fight for what rightfully belongs to its members and seeks public support and professionalism in their quest for justice.

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