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Finance Ministry Under Fire as Pension Bondholders Threatened to Protest in Against them

In the event that the government does not exempt them from the Domestic Debt Exchange Program, the Pensioner Bondholders Forum has vowed to protest in front of the Ministry of Finance on January 23, 2023.

The Forum claimed that it had written to the Ghana Police Service's District Commander at the Ministries in Accra to inform the police of their proposed course of action.

At a news conference in Accra, Dr. Adu A. Antwi, the convener of the Pensioner Bondholders Forum, stated that the Forum had petitioned the government to exempt its members from the Domestic Debt Exchange Program.

The leader of the Pensioner Bondholders Forum, Dr. Adu A. Antwi, said at a news conference in Accra that the Forum has asked the government to exempt its members from the Domestic Debt Exchange Program.

“We have also petitioned key stakeholders in the country, including the Speaker of Parliament, the Council of State, the National House of Chiefs , the Christian Council of Ghana, the Office of the Chief Imam, the National Peace Council, and the Catholic Bishop’s Conference, about our displeasure on the issue,” he said.

According to Dr. Antwi, the Forum management had asked to speak with Mr. Ofori-Atta before the Debt Exchange Program deadline.

He assured the pensioners that the Forum would engage with the government to address the issue, stressing, “We are not tendering in our bonds.”

The Convener warned that the lives of the seniors would be severely affected if the government did not exempt their bonds.

The Ghanaian government invited bondholders to voluntarily swap about GH137 billion in domestic notes and bonds of the Republic, including ESLA and Daakye, for a bundle of new bonds when it unveiled Ghana's Domestic Debt Exchange Programme last year.

Starting a result, as of December 1, 2022, existing domestic bonds were to be exchanged for a group of four new bonds with maturities in 2027, 2029, 2032, and 2037.

All of these new bonds will have yearly coupons that are 0% in 2023, 5% in 2024, and 10% from 2025 until maturity.

Semi-annual coupon payments will be made.

As of January 31, 2023 instead of January 16, 2023, the deadline for the Domestic Debt Exchange, according to a statement posted on the Ministry of Finance website on Monday.

It said, ” Building consensus is key to a successful economic recovery of Ghana. Pending further stakeholders engagement with institutional and individual investors recently invited to join the debt exchange programme, government is extending the expiration of the programme to January 31, 2023.”

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Accra Adu A. Antwi Council of State Finance Forum


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