The Ghana Individual Bondholders Forum (IBF), a group of voluntary bondholders, has urged individual bondholders to reject and refrain from complying with the mandatory deadline imposed under the Domestic Debt Exchange (DDE) programme.
It rather wants them to join the efforts of the IBF.
In a statement signed by Senyo Hosi, the immediate past Chief Executive of the Chamber of Bulk Oil Distribution Companies , it also urged indirect bondholders (investors in mutual funds, cash trusts, balance funds) to inform their fund managers not to accept the DDE.
It advised government to open a channel of communication for immediate frank, transparent and sincere dialogue on the DDE with the IBF with the view to seeking an effective resolution to the developing impasse and the fast-depleting confidence in the Ghanaian economy.
It added that “the medium- to long-term prospect and outlook of the domestic investment culture in Ghana is going to be affected by this DDE initiative and we call on government to demonstrate the needed sensitivity to enable a constructive resolution in the best interest of all”.
It, therefore, called on labour unions to join them in the fight for the preservation of hard-earned savings invested by the Ghanaian public which also includes their members, adding “we also look forward to partnering likeminded groups and organizations to achieve our joint goals”.
The Government of Ghana announced that under the DDE programme, individual bondholders are to submit to a “voluntary” arrangement to exchange their domestic bonds for new benchmark bonds.
IBF said “this arrangement irreversibly takes away the wealth and livelihoods of direct and indirect individual bondholders whose only crime has been to trust their government. Tied to this is a mandatory deadline which compels holders to either accept the government’s offer or risk the threat of prohibitive losses”.
The IBF investments is in Government of Ghana Local Cedi Bonds, Government of Ghana Local US Dollar Bonds, ESLA Bonds, Daakye Bonds, Ghana Eurobonds and Collective Investment Schemes.
Latest Stories
-
#JustTurned18: First-time voters critical to deciding 2024 presidential election
9 mins -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
14 mins -
Former IGP passes on
23 mins -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
39 mins -
Millennium City: Land owner breaks silence on fatal shooting of soldier
40 mins -
Photos of 2024 Aboakyer Festival
1 hour -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
2 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
2 hours -
IMF calls for tariff adjustment for energy sector cost recovery
2 hours -
Samson’s Take: Journalists, block the pretentious idiots
3 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
4 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
5 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
5 hours -
We should be careful not to destroy our institutions without just cause – Serebour Quaicoe
5 hours -
Cecilia Dapaah’s case: EOCO hasn’t requested FBI report – Office of the Special Prosecutor
7 hours