According to the group, government’s continuous insensitivity to the suffering of the individual bondholders has led to the current decision by the IBHAG.
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DDEP: Individual bondholders withdraw from Technical Committee over betrayal by gov’t
Convener of the Individual Bondholders Association of Ghana (IBHAG), Martin Kpebu, in a letter addressed to the Finance Ministry announced the group’s decision to withdraw from the Technical Committee of the government's Domestic Debt Exchange Programme (DDEP).
Individual bondholders withdraw from technical committee.
The group further called on the government to adopt a more humane approach.
“We write to recuse the Individual Bondholders Association of Ghana (IBHAG) from the deliberations of the Technical Committee. This has become necessary as the deliberations so far seem not to serve the primary interest of the distressed bondholders which is to access their lock-up investments. So far, the process is turning out to rather impose a further degree of pain and despair on the bondholders and also depart from promises made by government to them," the letter said.
“The Government cannot continue to be insensitive to the suffering of the individual bond holders by deliberately punishing those who did not sign up to the DDEP as it meticulously executes the various threats made to them for not signing up. The Ministry cannot keep making things comfortable for the government by not sharing in the burden of the economic hardship we are in as a country under its leadership,” it added.
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The group notes that the process is causing pain to its members and deviates from promises made by the government.
Read the Individual Bondholders Association of Ghana (IBHAG) full statement below:
Individual Bondholders Association of Ghana (IBHAG) statement
Pulse Ghana
Individual Bondholders Association of Ghana (IBHAG) statement
Pulse Ghana
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