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Coupons Payment: Bondholders demand clarity on payment schedule from Finance Ministry 

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Coupons Payment: Bondholders demand clarity on payment schedule from Finance Ministry 

Ghana’s Coalition of Individual Bondholders Groups has cautiously welcomed the commencement of payments of matured bonds and coupons to its members, after a delay that extended several weeks beyond the scheduled dates. While the payments were originally due on the 6th and 13th of February 2023, the Ministry of Finance has confirmed that the payment processes commenced only on Monday, March 13.

In a joint press statement issued by the Ghana Individual Bondholders’ Forum and the Individual Bond Holders Association of Ghana, the coalition welcomed the long-awaited payments but expressed concern about the lack of transparency from the Finance Ministry regarding a payment schedule or notification date for outstanding payments. The Coalition has urged the Ministry of Finance to provide an exact payment plan within a week of the first payment, and the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to exercise their roles responsibly as independent regulators and managers of the securities market.

The Ghanaian government has been grappling with the issue of unpaid debts in recent times, with many bondholders becoming increasingly frustrated with delays in receiving their payments. The Finance Ministry’s latest efforts to address these concerns have been welcomed by the Coalition of Individual Bondholders Groups, but the group has emphasised the importance of transparency and timely communication from the government and regulators to help restore confidence in the financial market.

The Coalition’s statement also highlights the need for credible institutions in Ghana’s financial sector, particularly in light of the Securities Industry Act, 2016 (Act 929), SEC and GSE Regulations. The group emphasises the importance of building such institutions to promote responsible and compliant conduct by issuers, including the government of Ghana and the Ministry of Finance.

The statement concludes by urging the SEC and GSE to rise above partisan politics and act as responsible independent regulators, providing professional leadership to protect investors and ensure the fair and transparent operation of the securities market. The Coalition’s call for greater transparency and accountability from the government and financial regulators is likely to resonate with many investors in Ghana, who are eager to see a more robust and sustainable financial market that can support the country’s economic development over the long term.

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