Lawyer Martin Kpebu says he knew authorities couldn’t preserve to its promise to pay bondholders on the scheduled date, March 13.
He claimed the Finance Minister, Mr Ken Ofori-Atta has once more confirmed why most Ghanaians are calling for his resignation from the sector.
“You’ll be able to by no means belief him (Ken Ofori-Atta),” Lawyer Kpebu mentioned in an interview with NEAT FM’s morning present, ‘Ghana Montie’.
The federal government promised to pay matured coupons and principal of outdated bonds starting March 13, 2023, after reneging on its promise of paying coupons that matured on February 6-20, 2023.
This follows the conclusion of the Home Debt Alternate Programme (DDEP).
In view of this, the federal government amongst others introduced that “in fulfilment of the peace of mind given by Authorities to bondholders who didn’t tender, the Ministry is taking administrative steps to make sure that funds of coupons and principals of the outdated bonds resume by thirteenth March 2023”.
The Finance Ministry in a press release on February 27, 2023, defined that new bonds settled and listed will develop into the brand new benchmark bonds.
However, funds to bondholders are but to be made.
Lawyer Martin Kpebu who just isn’t completely happy concerning the state of affairs mentioned, “If he (Ken Ofori-Atta) just isn’t able to pay, why didn’t he talk that to us earlier?”
“His behaviour is questionable as Finance Minister,” he advised host Akwasi Aboagye.
The Ministry of Finance has assured that bondholders whose coupon and principal funds matured on the sixth February 2023, and thirteenth February, 2023 will obtain their funds inside the subsequent 48 hours.
The reassurance comes after bondholders complained of not receiving their funds on Monday, thirteenth March, 2023.
In accordance with the Ministry of Finance, the processes to settle the funds on excellent bonds commenced on the thirteenth of March, 2023.
“The preliminary instruction covers coupon and principal funds on bonds that matured on sixth March 2023 and thirteenth February 2023. Holders of the afore-listed bonds ought to subsequently count on to obtain their funds inside the subsequent 48 hours,” a press release from the Finance Ministry mentioned.
“Funds dates for subsequent maturities might be communicated sooner or later, as processing continues,” the assertion added.
Group points 48hr ultimatum
Earlier at this time, 14th March, 2023, the Coalition of Particular person Bondholder Teams issued a 48-hour ultimatum to the Ministry of Finance to pay all matured principal and excellent coupons due on the present bonds issued by the Authorities of Ghana.
This follows the expiration of the deadline by the federal government to honour its debt obligation.
In a press release signed by Dr. Joel Djangma Akwetey and Senyo Hosi, the coalition referred to as on the Securities and Alternate Fee and the Ghana Inventory Alternate to implement the foundations of full disclosure required by all issuers together with the Authorities of Ghana.
Supply: King Edward Ambrose Washman Addo/peacefmonline.com/ghana
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