The Coalition of Individual Bondholders Groups has announced its decision to picket the premises of the Ministry of Finance beginning Thursday, July 6.

In a letter addressed to the Ghana Police Service notifying the security services of the impending public demonstration, the bondholders indicated that their decision stems from government's failure to pay their outstanding principals and honour other agreements between them.

“The Coalition would like to picket from the 6th of July 2023 till the resolution of our grievances. We shall be picketing to among other things, draw governments attention to its failure to pay outstanding Principals due its members and the facilitation of the conversion of subsequent maturing bonds into treasury bills in the month of June and beyond as agreed in the MOU signed by the leadership of the Coalition of Individual Bondholders and the Ministry of Finance on behalf of the Government,” parts of the statement read.

The coalition stated that its members are enduring pain, hardships and untold stress adding that the government has taken over their property and as such would like to picket at the ministry’s office to demand what is theirs.

They urged the Accra Regional Police Command for their cooperation.

Read the details of the MoU

1. The Government will complete payment of coupons in arrears, as of 31 May 2023, by 30 June 2023

2. The Government undertakes to pay promptly all coupons that fall due from 1st June 2023.

3. Reprofile maturing bonds as and when they fall due into T-Bills at prevailing interest rates.

4. Distribute the outstanding maturing bonds in the proportion of 35% for 91-Day 35% for 182-day, and 30% for 364-Day treasury bills.

5. The migration of the outstanding maturing bonds into Treasury Bills will be issued using the current mode of issuance mechanics of the Government securities. For the avoidance of doubt, there will be no distinction between the reprofiled Treasury Bills, and the regular Treasury Bills issued by the Government.

6. That Government and the CIBG work together in the spirit of mutual understanding to resolve all outstanding issues to meet the immediate cash needs of individuals who did not partake in the DDE programme, give certainty of payments, and efforts toward the restoration of macroeconomic stability and economic recovery.

7. The Ministry of Finance will issue an offer memorandum with these terms to all individual bondholders who opted out of the DDEP