The Individual Bondholders Forum, says the government is pressuring banks to coerce their customers to accept the Domestic Debt Exchange programme (DDEP).
The Forum said this action is inimical to the financial market and will be resisted.
The Convener of the Forum, Mr Senyo Hosi said the “unethical” action must be stopped immediately.
According to him, should this persists, customers will not have the appetite to invest in government bonds in the future.
“Unfortunately on the market, we see some conducts that are unethical and also illegal. We see pressure coming from different quarters compelling banks to try and force customers to try and tender or accept the DDE, that is illegal, that is unethical and immoral,” Mr Hosi said in an interview with Citi FM on Tuesday.
Mr Hosi added “the risk of that is that tomorrow the same customer will come and say he accepted that under duress. Who is really going to take responsibility for that?”
Meanwhile, the Finance Ministry has granted a three-day Administrative Window for Bondholders under the Programme to complete the process.
Based on this development, the Domestic Debt Exchange Programme will now end on Friday, February 10.
According to sources, the sudden rush by bondholders to sign up close to the deadline placed "some strain" on the IT infrastructure.
Latest Stories
-
Awutu Senya Municipal Council warns against spreading falsehoods regarding missing male genitals
31 seconds -
We want to play at the 2025 U-20 World Cup – Black Satellites coach Desmond Ofei
28 mins -
10,720 housing units under development to address housing deficit – Kojo Oppong Nkrumah
46 mins -
Study finds 2 household chemicals linked to autism and multiple sclerosis risk
48 mins -
French school head resigns over Paris veil row and death threats
53 mins -
No lives were lost during last Tuesday’s ‘dumsor’ – Tema General Hospital
1 hour -
Today’s front pages: Thursday, March 28, 2024
1 hour -
Association of Service Providers of the Angolan Oil and Gas Industry (AECIPA) Partners with Angola Oil & Gas (AOG) 2024: Members Offered Exclusive Discounts
1 hour -
GPL 2023/24: Ignore reports of imminent sacking of Prosper Ogum – Kotoko IMC
2 hours -
The Meeting with the Egyptian African Businessmen’s Association
2 hours -
Akufo-Addo accepts Oteng-Gyasi’s resignation as GRA Board Chair
2 hours -
It’s shameful we can’t mobilise resources locally to purchase cocoa – Agric Economist
7 hours -
Cocobod attributes low production of cocoa beans to bad weather
7 hours -
AGI to partner GCTU to strengthen industry-academia relationship
8 hours -
French school head resigns over Paris veil row and death threats
8 hours