A Convenor of the Individual Bondholders Forum has landed heavily on the Finance Minister, Ken Ofori-Atta over the government’s delay in the payment of the matured coupons of existing bondholders.

In an interview on Joy FM’s Midday News on Monday, Martin Kpebu stated that the Finance Minister's refusal to make payment of coupons that have matured shows that he is abusing his office.

“Today 6^th February as we speak about 4.5 billion of the bonds are due and there are individuals in it. If you think that there is any reason why segregating individuals from others will be a problem, speak to us. The Finance Minister has said nothing to us,” he added.

He said Mr Ofori-Atta assured that existing bonds will be honoured therefore should communicate if there are operational challenges.

“If you think there are operational challenges or whatever, we have leadership or even if you don’t need to call leadership, make an announcement but he said nothing but they put in the info memo that the second to the bond exchange programme that they are not paying any principals and coupons due. How do you make such a huge u-turn? Why is Ofori-Atta abusing his office like that?” he quizzed.

Mr Kpebu said Mr Ofori-Atta “can’t behave as if the Finance Ministry is his personal property. This is governance.”

He, therefore noted that Mr Ofori-Atta will be called out to ensure he fulfils his promise to those whose bonds have matured.

He also expressed his disappointment in government's hesitance to exempt individual bondholders from the Debt Exchange Programme.

According to the private legal practitioner, the debt exchange programme can be carried through without the inclusion of individual bondholders.

This, according to him is indicative of President Akufo-Addo’s optimism that the proposed programme is almost completed.

Meanwhile, Individual Pension Bondholders picketed at the Ministry of Finance Monday morning, demanding that they should be exempted totally from the ongoing Domestic Debt Exchange Programme. 

About 50 of the bondholders wearing red armbands have thronged the Ministry’s premises with placards to register their displeasure over their expected inclusion in the programme.

According to convener of the group, Dr Adu Anane Antwi, they are “rejecting government’s 15% coupon rate over 5-year maturity rate.”

In December 2022, Finance Minister Ken Ofori-Atta launched the debt exchange programme as part of efforts to access the $3 billion bailout from the International Monetary Fund (IMF).

This final lap has, however, been fraught with challenges as various interest groups including labour and individual bondholders have lamented the possibility of the development leaving them in a sorry state.

So far the government has extended the deadline for eligible bondholders two times. But individual bondholders are asking for their bonds to be excluded from the restructuring.