The Coalition of individual Bondholders Group has suspended a planned occupation of the Ministry of Finance dubbed #OccupyFinance to demand payments for coupons and principal amounts for approximately 150-days.
The suspension followed government’s announcement of payment and its commitment to honour a Memorandum of Understanding (MoU) reached with the bondholders.
A statement by the group made up of the Ghana Individual Bondholders’ Forum (IBF) and the Individual Bondholders Association of Ghana (IBHAG) said while they remain rightly angry, they have chosen to exercise extreme self-control and suspend the march provided the government continues to fulfil its obligations promptly as agreed.
The agitation and planned occupation of the Ministry of Finance has, therefore, been put on hold. However, the joint steering committee of the bondholders has warned that any breach of the Government’s commitment will result in a swift resumption of protests.
“Our negotiations were carried out in good faith, and today’s victory is a testament to our unwavering dedication.”
“The Government must be aware that there is a limit to our patience, and we will not hesitate to mobilize our members and sympathizers once again if our demands are not met.”
“We congratulate each and every one of our gallant members and sympathizers for their unwavering support. You are the true embodiment of the Ghanaians Ghana needs today, and we salute your commitment to this cause,” the statement said.
According to the group, while the announcement marks a significant battle won, the journey ahead remains a war.
The joint steering committee urges continued unity and vigilance among its members and sympathizers to sustain the progress achieved and ensure justice for all.
“We must stay steadfast in our pursuit of a fair and just financial system. Our victory today should serve as a reminder that together; we can achieve significant change. Let us remain united in this war for justice,” it added.
Government confirms payment
Meanwhile, government has confirmed fulfilment of its domestic debt service obligations and promised to pay outstanding ones in the coming days.
The Ministry of Finance confirmed this in a statement issued on Monday.
“The Government of Ghana and the Coalition of Individual Bondholders Groups (CIBG), comprising members of the Individual Bondholders’ Forum (IBF) and the Individual Bondholders’ Association of Ghana (IBHAG), on 16th May, 2023, reached agreement regarding the government’s outstanding domestic debt service obligations.
“This agreement was captured in a Memorandum of Understanding (MOU) dated 16th May, 2023.
Per the terms of the MOU, the government undertook to pay all arrears on coupons of bonds maturing by 31 May, 2023, as well as coupons falling due from 1st June, 2023.
“The Ministry of Finance hereby announces that it has made good its promise and settled all outstanding coupons and principal payments up until 19th June, 2023.
“Instructions have also been sent for payment of coupons falling due up until today, 10th July, 2023.
The Government of Ghana reassures all bondholders of continuing and constructive engagement with the leadership of the CIBG, as well as government’s commitment to the implementation of the terms of the MOU.
“The Ministry of Finance takes this opportunity to thank all bondholders for their continuous support during this period of tight liquidity. Government is confident that in working with all stakeholders, we shall restore macroeconomic stability, achieve inclusive economic growth, and transform the Republic”, the statement concluded.
