Government settles arrears of Individual Bondholders’ Forum

Government settles arrears of Individual Bondholders’ Forum

The government has settled the payment of all outstanding arrears owed to Individual Bondholders’ Forum members.

According to a statement issued by the Finance Ministry on Monday, all coupons and principles due through June 19 have been paid, and orders for payment of coupons through July 10, 2023, have been handed out.

The government also reminded all bondholders of its commitment to ongoing and constructive interaction with the Coalition of Individual Bondholders Groups (CIBG) leadership and reiterated its commitment to fulfilling the terms of the Memorandum of Understanding (MOU).

Members of the CIBG, which includes the Ghana Individual Bondholders Forum and the Individual Bondholders Association of Ghana, had previously threatened to picket at the Finance Ministry in order to demand payment of outstanding principal and coupons.

They were disappointed by the government’s failure to follow through on the payment scheme specified in the MOU.

However, in compliance with the conditions of the MOU, the government has paid all arrears on coupons for bonds maturing by May 31, 2023, as well as coupons due on June 1, 2023.

“The Ministry of Finance expresses its gratitude to all bondholders for their unwavering support during this period of tight liquidity. The government remains confident that by working collaboratively with all stakeholders, we will restore macroeconomic stability, achieve inclusive economic growth, and transform the Republic,” stated the Finance Ministry.

Meanwhile, members of the Coalition of Individual Bondholders Groups called off their scheduled protest at the Finance Ministry to demand payment of their outstanding principal and coupons.

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