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HomeBusinessBondholders disappointed in Bawumia over silence on DDED

Bondholders disappointed in Bawumia over silence on DDED

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Members of the Individual Bondholders Forum have expressed disappointment in the Head of the Economic Management Team, Dr Mahamadu Bawumia, over his silence on the move by the government to include their investment in the Domestic Debt Exchange programme.

Government has proposed a 15% coupon rate but the group of about 30 retirees amidst singing patriotic Ghanaian songs told GNA that they will not accept any haircuts on their investments as their livelihoods depend on the proceeds from these investments.

Speaking to GNA, some of the bondholders lamented that, “We don’t have the strength, but the little strength we have, we will use it. We are only praying to God to give us the strength to come here every day to sit here for one hour. That’s why we brought our seats. If you can’t stand you sit down, people wanted to come with their wheelchairs, but we said no, it’s too risky, let the people who can come do that”.

 

They further bemoaned the lack of communication between them and the ministry adding that it’s unfortunate for the various institutions to look unconcerned while they suffer under the scorching sun.

“We haven’t had any communication from the Ministry of Finance. The only thing we have heard is that government has extended the period. The good news we also heard was from Parliament yesterday that they have summoned the Minister of Finance to explain things to them,” one of the pensioner bondholders said.

 

Another person said, “If I can’t buy my medication I will die.”

Updates

Government has extended the window for bondholders to complete tender processes as part of the controversial domestic debt exchange programme.

The deadline for signing up for the programme expired today, Tuesday, February 7, 2023, but government in a late-night press statement said some of the bondholders faced “technical glitches as they tried to complete the online tender process” hence the window to enable such persons to complete the process.

It has thus given such persons three days to do that.

“As a result, Government is providing bondholders with a window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum. This window ends on Friday, 10th February 2023 at 4:00 p.m. (GMT),” the Finance Ministry announced in a statement signed by sector minister, Ken Ofori-Atta.

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