Government has initiated steps to settle payments on outstanding bonds.
This was contained in a statement issued by the Finance Ministry on Tuesday, March 14, 2023.
“Following the press release issued by the (Finance) Ministry dated 27th February, 2023, the government is pleased to announce that processes to settle outstanding bonds commenced yesterday, March 13, 2023,” the statement said.
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According to the statement, the initial instruction covers coupon and principal payments on bonds that matured on 6th February, 2023, and 13th February, 2023.
“Holders of the afore-listed bonds should therefore expect to receive their payments within the next 48 hours,” the statement added.
The statement came into limelight hours after the Coalition of Individual Bondholder Groups and Pensioner Bondholders Forum issued a 48-hour deadline to the Finance Ministry to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana.
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Government had indicated that it had taken administrative steps to ensure that payments of coupons and principal of the old bonds resumed by March 13, 2023.
However, according to the parties involved, as of the close of business on Monday, March 13, the Ministry of Finance had not honoured the promise to pay the coupons and principals to pensioners who have been exempted from the Domestic Debt Exchange Program (DDEP) and other individual bondholders who have opted out of the program.
The group had resolved to picketing in order to get the government to honour its promise but before this could happen, the Finance Ministry issued the statement indicating that it had commenced with payments of the bonds.
“Payment dates for subsequent maturities will be communicated in due course,” the statement added.
The Ministry further thanked all stakeholders “for their forbearance during the Domestic Debt Exchange Programme (DDEP) and subsequent administrative processes.”
