The Ghana Individual Bondholders Forum (IBF), a group of voluntary bondholders, has urged individual bondholders to reject and refrain from complying with the mandatory deadline imposed under the Domestic Debt Exchange (DDE) programme.
It rather wants them to join the efforts of the IBF.
In a statement signed by Senyo Hosi, the immediate past Chief Executive of the Chamber of Bulk Oil Distribution Companies , it also urged indirect bondholders (investors in mutual funds, cash trusts, balance funds) to inform their fund managers not to accept the DDE.
It advised government to open a channel of communication for immediate frank, transparent and sincere dialogue on the DDE with the IBF with the view to seeking an effective resolution to the developing impasse and the fast-depleting confidence in the Ghanaian economy.
It added that “the medium- to long-term prospect and outlook of the domestic investment culture in Ghana is going to be affected by this DDE initiative and we call on government to demonstrate the needed sensitivity to enable a constructive resolution in the best interest of all”.
It, therefore, called on labour unions to join them in the fight for the preservation of hard-earned savings invested by the Ghanaian public which also includes their members, adding “we also look forward to partnering likeminded groups and organizations to achieve our joint goals”.
The Government of Ghana announced that under the DDE programme, individual bondholders are to submit to a “voluntary” arrangement to exchange their domestic bonds for new benchmark bonds.
IBF said “this arrangement irreversibly takes away the wealth and livelihoods of direct and indirect individual bondholders whose only crime has been to trust their government. Tied to this is a mandatory deadline which compels holders to either accept the government’s offer or risk the threat of prohibitive losses”.
The IBF investments is in Government of Ghana Local Cedi Bonds, Government of Ghana Local US Dollar Bonds, ESLA Bonds, Daakye Bonds, Ghana Eurobonds and Collective Investment Schemes.
Latest Stories
-
CAF awards 3-0 win to RS Berkane, after Algerian customs confiscated their kits
14 mins -
AgriTech challenge pro holds first pitch
19 mins -
UNIDO commits to improving local rice standards
20 mins -
Suleja prison: 108 inmates on the run in Nigeria
22 mins -
We object to government’s plans to make BEST sole off-taker of Sentuo Oil Refinery – CBOD
30 mins -
Burkina Faso army massacred 223 villagers in revenge attack – HRW
39 mins -
Lebanese Community awards ¢100K in scholarships to 21 students at UniMAC
42 mins -
Germany detains alleged Nigerian mafia members
44 mins -
Manhyia Palace hosts royals, dignitaries from Ghana and beyond at special Awukudee
51 mins -
Meet the two Ghanaian entrepreneurs on a mission to connect 1 million African professionals to global companies by 2034
1 hour -
Celestine Donkor speaks on report of undergoing weight loss surgery
1 hour -
Music sensation Osb Swagah drops new single ‘Victory’
1 hour -
Bright Simons: The SML defence “falls flat”
1 hour -
We need long term macroeconomic stability to build a strong and vibrant economy – Deloitte Boss
1 hour -
Adomaa Adjeman to make theatre debut as Aku Sika in Prof Martin Owusu’s epic
1 hour