Ghana: Govt Settles All Outstanding Arrears Owed Individual Bondholders ...Ibf, Ibhag Suspend Picketing At Finance Ministry

12 July 2023
Ghanaian Times (Accra)

In a demonstration of its dedication to honouring the agreement between itself and the Coalition of Individual Bondholder Groups (CIBG), the Ministry of Finance has announced the complete payment of all outstanding coupons and principal amounts up until June 19, 2023.

Also, instructions have been issued by the Ministry for the timely settlement of coupons due until July 10, 2023.

In a statement issued by the Ministry in Accra yesterday, it reiterated its commitment to maintaining open and constructive engagement with the CIBG leadership, affirming its determination to fully implement the terms outlined in the MoU of May 16, 2023.

The statement said the Ministryacknowledged the unwavering support of bondholders during "this period of financial strain, expressing gratitude and highlighting the crucial role played by stakeholders in restoring macroeconomic stability, fostering inclusive economic growth, and transforming the nation."

In response to the government's gesture, the Individual Bondholders' Forum (IBF) and the Individual Bondholders' Association of Ghana (IBHAG) have decided to suspend their planned picketing event, named #OccupyFinance, scheduled to take place today at the Finance Ministry's forecourt.

In a joint statement signed and issued by Mr Senyo Hosi, Convenor, IBF and Mr Joel Djangma Akwetey, Convener IBHAG in Accra yesterday, they acknowledged the latest developments and expressed their cautious optimism.

"While acknowledging their lingering concerns, the bondholders' groups have chosen to exercise restraint and exercise extreme self-control, provided that the government continues to fulfill its obligations promptly and remains committed to the terms agreed upon," the statement said.

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