In a swift turn of events, the Individual Bondholders’ Forum (IBF) and the Individual Bondholders’ Association of Ghana (IBHAG) have suspended their planned picketing at the Ministry of Finance initially scheduled to commence today.

The picketing dubbed #OccupyFinance was intended to register their dissatisfaction with the delays in the payment of the outstanding coupons on their matured bonds.

Following the payment of all outstanding coupons and principal amounts up until June 19, 2023, by the Ministry of Finance, the groups have called off the picketing exercise.

The Ministry in a statement on Monday, July 10, 2023, acknowledged 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.

The statement further disclosed the measures implemented by the Ministry to ensure the timely settlement of coupons due until July 10, 2023.

In a joint press release by the groups, it acknowledged the government’s recent actions which include the payment of outstanding coupons and principals as a reaffirmation of the Ministry’s commitment to honor the Memorandum of Understanding signed on May 16, 2023.

The IBF and IBHAG 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.

However, the statement made it clear that they remain watchful and prepared to take action should the government breach its commitment in the future.