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Individual Bondholders Urged To Reject Government’s Debt Exchange Program

Individual Bondholders Urged To Reject Government’s Debt Exchange Program

In the midst of the controversy surrounding government’s Domestic Debt Exchange (DDE) Program, Ghana Individual Bondholders Forum (IBF) has called on all individual bondholders in the country to reject the program of government.

According to a statement released by the forum, individual bondholders should outrightly reject and refrain from the mandatory deadline imposed on them by the DDE program.

Explaining this position of the forum, the statement indicated that the program does not have the interest and welfare of the bondholders at heart. It adds that the individuals affected by the program cannot be punished for trusting their government.

“This arrangement irreversibly takes away the wealth and livelihoods of direct and indirect individual bondholders whose only crime has been to trust their government,” portions of the statement read.

According to the forum, “in an unfortunate oppressive fashion, government has shown total disregard for the contractual rights of individual bondholders and has made no effort to structure reasonable consultations with individual bondholders.

In view of this, aside the call on individual bondholders to reject the mandatory deadline imposed by the program, the forum is further calling on all indirect bondholders to inform their fund managers to refrain from accepting government’s DDE.

With these actions, the forum wants 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.

“We call on labour unions to join us in this fight for the preservation of hard-earned savings invested by the Ghanaian public which also includes their members,” the statement by the convener, Senyo Hosi announced.

Other conveners of the forum are, Philip Amoateng, Frankin Cudjoe, David Tetteh, Thomas Manu, Yaw Owusu-Brefo and Thema Manu.

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