Bondholders Groups welcome payment of delayed coupons but…

The Coalition of Individual Bondholders Groups has welcomed the commencement of payments of matured bonds and coupons to its members, confirmed by most of their bankers.

The payments were originally due on the 6th and 13th of February 2023, however, the Ministry of Finance says the payment processes commenced on Monday, March 13.

In a joint press statement issued by the Ghana Individual Bondholders’ Forum and the Individual Bond Holders Association of Ghana on Wednesday however, they said that while they welcome the commencement of payments, it is important to note that the failure of the Finance Ministry to be definite about a payment schedule or a notification date for outstanding payments, does not augur well for the rebuilding of confidence in the financial market.

“We therefore call on the Ministry of Finance to advise its exact payment plans within a week of this first payment. We owe it to the credibility of Ghana’s financial market and future generations to rebuild and sustain a credible and buoyant financial market, at least, in respect of information and transparency as required of issuers per the Securities Industry Act, 2016 (Act 929), SEC and GSE Regulations.

“We further call on the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to rise above partisan politics and exercise their roles responsibly as independent regulators and managers of our securities market. Building credible institutions remains critical for the development of our country. In this regard, we expect professional leadership from these two institutions in protecting investors and ensuring responsible and compliant conduct of issuers including the Government of Ghana and the Ministry of Finance.”