The Individual Bondholders Association of Ghana (IBHAG) has withdrawn from the Technical Committee of the government’s Domestic Debt Exchange Programme (DDEP).
It announced its decision to exit the Committee due to a lack of alignment with the interests of its members.
The association in a statement noted that the deliberations were causing further harm and despair to bondholders, which diverges from the government’s promises to them. IBHAG’s Convener, Martin Kpebu, noted that the government could not continue to ignore the suffering of individual bondholders, who are being punished for not signing up to the DDEP, and asked for a more sensitive and humane approach to alleviating their plight.
“The Government cannot continue to be insensitive to the suffering of the individual bond holders by deliberately punishing those who did not sign up to the DDEP as it meticulously executes the various threats made to them for not signing up. The Ministry cannot keep making things comfortable for the government by not sharing in the burden of the economic hardship we are in as a country under its leadership,” the group noted.
The association insisted that it will, however, stick to the earlier timelines of payment agreed with the government and expects payments to be effected to its members on outstanding principals and coupons.
“IBHAG will hold on to the already agreed timeline as per earlier meeting on the 14th of April 2023 with the Ministry of Finance where we expect all outstanding Principals and coupons to be paid. We urge you to consider a more sensitive and humane approach to alleviating the plight of the suffering Individual Bond Holders in Ghana,” he stated.
Kpebu also criticized the Convener of the Individual Bondholders Forum (IBF), Senyo Hosi, for his wavering views and alleged closeness to the Ministry of Finance.
“Senyo Hosi of IBF, appears to be an appendage of the Ministry of Finance; doing its bidding. This is supported by the wavering views, which departs completely from the past collective position of individual bondholders. Private meetings between Senyo Hosi of IBF and the Ministry of Finance, are not the solutions to the concerns of Individual Bondholders whose coupon and principal payments have been in arrears for over two months,” he said.