This is the second time the government has failed to pay coupons that matured between February 6 and 20.

In an interview with Citi News, Dr. Adu Anane Antwi, Convenor of Pensioner Bondholders, stated that it is up to the government to reach out to the groups with reasons for defaulting.

“The financial markets depend on information and if the issuer is unable to pay, the issuer must come out and let the market know why. This is the second time the issuer has been unable to pay and expects people to demand answers. That is not how we should run our financial markets. The right thing the issuer must do is to make an announcement to calm investors. But there is no word. This market thrives on information, so they should tell us what is happening other than keeping information because that is not right.”

He also stated that his team would meet with the remaining individual bondholders to determine the next course of action.

“Now, we are all a group whose bonds must be serviced because we were promised. Since we haven’t received any payment, we are going to meet to take a decision on what to do next”, Dr. Anane Antwi said.

The government promised to pay matured coupons and principal of old bonds beginning March 13, 2023, after reneging on its promise of paying coupons that matured on February 6-20, 2023.

This followed the conclusion of the Domestic Debt Exchange Programme (DDEP).

In view of this, the government amongst others announced that, “in fulfilment of the assurance given by Government to bondholders who did not tender, the Ministry is taking administrative steps to ensure that payments of coupons and principals of the old bonds resume by 13th March 2023”.

The Finance Ministry in a statement on February 27, 2023, explained that new bonds settled and listed will become the new benchmark bonds.

A coalition of Individual bondholders groups made up of the pensioner Bondholders Forum, the Individual Bondholders Association of Ghana and the Individual Bondholders Forum earlier called on the Finance Ministry to demand the payment of matured bonds that were not tendered under the DDEP.