Government is taking administrative steps to ensure that payments of coupons and principals of old bonds resume by March 13, 2023, the Ministry of Finance has said.
The Ministry has also indicated that newly issued bonds that have been settled and listed will become the new benchmark bonds for the fixed-income market.
"The Ministry of Finance will work with relevant stakeholders, as agreed, to ensure that these new benchmark securities become the basis for deepening the domestic sovereign bond market, " a statement from the Ministry read.
Prior to the release of the statement, a coalition of three individual bondholder groups had a meeting with Mr Ken Ofori-Atta, the Minister of Finance on Monday.
The purpose of the meeting was to seek clarity on the modalities and exact dates for the settlement of bonds that were due for payment during the period of the Domestic Debt Exchange Programme (DDEP).
"Remember in the DDEP, they had indicated that they were suspending payment for the period of the programme.
Originally, the settlement date was supposed to be Feb 14 but was moved to February 21, Mr Senyo Hosi, Converner of the Individual Bondholders Forum said during an interview.
He said the coalition, which also included Pensioners Bondholders Forum and the Individual Bond Holders Association of Ghana (IBHAG) was willing to collaborate with government as it expected government to be fair to all the old bondholders.
According to the coalition a letter was written on February 13 to the Finance Ministry on when government intended to honour its obligations.
Mr Hosi said: "Unfortunately, we never had a firm response to that. We saw publications that were indirectly responding to our letter but still without the exact commitment that gives investor clarity"
He added that the government had given assurance, going forward, to" improve and keep communication channels open and clear."
"We are hoping that today will mark a good start towards recovery on the lack of information that has bedeviled the industry and payments that have been suspended, " he said.
Latest Stories
-
The influence Ronaldo has on people, Cadman Yamoah will have same on the next generation – Coach Goodwin
29 mins -
Gender Advocate Emelia Naa Ayeley Aryee Wins prestigious Merck Foundation Awards
1 hour -
South Africa bursary scandal suspects granted bail
2 hours -
Ecobank successfully repays $500m Eurobond due April 18
2 hours -
Re: Doe Adjaho, Torgbui Samlafo IV, call for Unity among Paramountcies in Anlo
2 hours -
Extortion and kidnap – a deadly journey across Mexico into the US
2 hours -
Rihanna says fashion has helped her personal ‘rediscovery’ after having children
2 hours -
Development Bank Ghana targets GH¢1bn funding for commercial banks in 2024
3 hours -
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
3 hours -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
4 hours -
Bright Simons: Is the World Bank saving or harming Ghana?
4 hours -
CAF Cup: RS Berkane banned from entering Algeria because of a map of Morocco with its Sahara
4 hours -
The media isn’t doing what is expected of journalism – Sulemana Braimah
4 hours -
Truck driver who caused train accident jailed 6 months
5 hours -
Music review: Okyeame Kwame proves rap dexterity on ‘No Competition’
5 hours