Pensioner bondholders in Ghana have expressed cautious optimism following the government's continued commitment to honouring coupon payments, marking the first instalment under the new administration.

Speaking on Joy News’ PM Express on Monday, February 17, Dr Adu Anane Antwi, Convener of the Pensioner Bondholders Forum affirmed that members of the forum welcome the adherence to the agreed payment schedule.

The former Director-General of the Securities and Exchange Commission (SEC) stated that the settlement dates have always been structured around a six-month cycle.

“A settlement day was February 17, meaning six months down the line, the affairs agreement was due, and that has now been settled.

"For those who didn't tender their bonds, it’s been small amounts paid every week, but for those who did, every single one of them was due for payment at the six-month mark,” he explained.

The February 2025 payment represents the fourth instalment in the six-month cycle since the agreement was put in place.

“The first six-month payment was in August 2023, the second in February 2024, the third in August 2024, and now the fourth in February 2025.

"Under the previous government, payments were made accordingly. For this new government, this is their first payment, and we expect the same level of consistency,” he stated.

Dr. Antwi addressed concerns among pensioners regarding the political transition and whether it would affect the bond payments.

“Yes, many of our members were worried, wondering what the transition meant for the commitment to our payments.

"But I have assured them that this is a contract. Governments come and go, but contracts remain. The government must honour its obligations to maintain investor confidence,” he stressed.

He acknowledged that some members were uncertain due to previous delays, which had led to the pensioners' picketing.

“That’s why we picketed,” he admitted.

“But now that payments have resumed, we can see a pathway forward.”

Regarding the memorandum between the government and pensioner bondholders, Dr. Antwi confirmed that the agreed structure is being followed.

“Coupons are paid every six months. Once the settlement date was determined, the schedule was set – August, February, August, February. This is now the fourth six-month payment, meaning things are on track.”

Despite the positive developments, he urged the government to maintain consistency to regain full investor confidence.

“When a government faces financial difficulties, the only way to rebuild trust is by doing things right. That means ensuring that payments are made on time, both for coupons and when the principal becomes due,” he remarked.

Dr Antwi also pointed out that while some individual bondholders who did not tender their bonds have already received maturity payments, those who did will have to wait.

“For those who tendered their bonds, the first maturity won’t come until four years down the line. In two years, 50% of individual bondholders’ bonds will be due for payment. Government must ensure that when that time comes, payments are honoured without fail.”

He concluded by underscoring the importance of credibility in financial markets.

“Regular payments now will assure people that when the principal becomes due, it will be honoured. That’s what brings confidence. If the government wants to return to the market and issue more bonds, it must maintain its credibility by ensuring consistent payments.”