Coalition Of Individual Bondholders To Protest At Finance Ministry on July 6
The Coalition of Individual Bondholders Groups has disclosed its decision to picket at the premises of the Ministry of Finance beginning Thursday, July 6, 2023.
In a letter jointly signed by the conveners, the aggrieved persons said their decision stems from the government’s failure to pay their outstanding principals and honour other agreements between them.
“The Coalition would like to picket from July 6, 2023, till the resolution of our grievances. We shall be picketing to, among other things, draw the government’s attention to its failure to pay outstanding Principals due its members and the facilitation of the conversion of subsequent maturing bonds into treasury bills in the month of June and beyond as agreed in the MOU signed by the leadership of the Coalition of Individual Bondholders and the Ministry of Finance on behalf of the government,” a statement from the group said.
The coalition noted that members were enduring pain, hardships and stress, adding that the government had taken over their property and, as such, would like to picket at the ministry’s office to demand what was theirs.
They urged the Accra Regional Police Command for their cooperation.
Here are the details of the memoranda of understanding
1. The Government will complete payment of coupons in arrears, as of 31 May 2023, by 30 June 2023
2. The Government undertakes to pay promptly all coupons that fall due from 1st June 2023.
3. Reprofile maturing bonds as and when they fall due into T-Bills at prevailing interest rates.
4. Distribute the outstanding maturing bonds in the proportion of 35% for 91-Day 35% for 182-day, and 30% for 364-Day treasury bills.
5. The migration of the outstanding maturing bonds into Treasury Bills will be issued using the current mode of issuance mechanics of the Government securities. For the avoidance of doubt, there will be no distinction between the reprofiled Treasury Bills, and the regular Treasury Bills issued by the Government.
6. That Government and the CIBG work together in the spirit of mutual understanding to resolve all outstanding issues to meet the immediate cash needs of individuals who did not partake in the DDE programme, give certainty of payments, and efforts toward the restoration of macroeconomic stability and economic recovery.