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.