The Coalition of Individual Bondholder Groups has given the Ministry of Finance a 48-hour ultimatum to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana.
This follows the expiration of the deadline by the government to pay all coupons and maturing principals on March 13.
The Ministry in February announced that it would pay all bondholders who opted out of the Voluntary Domestic Debt Exchange programme their coupons and principals by March 13.
A statement signed in Accra yesterday by Dr Joel Djangma Akwetey and Mr Senyo Hosi, Convener of the Individual Bond Holders Association of Ghana and Individual Bond Holders Forum respectively, pledged to fight to ensure the full payment of investors' monies and the preservation of the securities markets for the future generation.
The coalition further called on the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to enforce the rules of full disclosure required by all issuers including the Government of Ghana.
"We are giving a 48-hour ultimatum to the Ministry of Finance to honour its word to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana.
We call on the Securities and Exchange Commission and the Ghana Stock Exchange to enforce the rules of full disclosure required by all issuers including the Government of Ghana," the statement added.
The coalition accused Mr Ofori-Atta, of disregarding all the basic rules that have been established to protect the integrity of the local markets and maintain sovereign credibility for Ghana.
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"It is most unfortunate that the Ministry continues to have absolute disregard for its creditors, in this case individual bondholders, despite prior meetings held in which we stated the need for communication.
"The coupon and principal payments due to Individual Bondholders who opted out of the Voluntary Domestic Debt Exchange programme have not been paid, despite written press releases confirming the resumption of payments on March 13, 2023, the statement added.
The coalition also expressed concern about the failure of SEC to protect investors and market integrity, as it was mandated to do.
Also, it said the Ghana Fixed Income Market of the Ghana Stock Exchange, where the old Government of Ghana bonds are listed and traded have also not enforced its basic rules of disclosure required by issuers.
The coalition warned that the confidence remaining in the markets as a result of assurances from the Ministry of Finance was fading away.
It stated that individual bondholders who have been left to fight for themselves in the face of Government defaulting on its obligations would continue to fight for their rights.
