Convener of the Coalition of Individual Bondholders’ Groups, Franklin Cudjoe, has announced the suspension of their planned picket at the Finance Ministry.
This follows a press statement from the Finance Ministry reassuring bondholders that it will meet all its obligations as stipulated in the memorandum of understanding signed on May 16 between government and the coalition.
The coalition had announced their decision to picket following their dissatisfaction with the government’s lack of action concerning the payment of their coupons and principals.
In a press statement announcing the picket, they had stated that “Payment of some bonds has been in default for over one hundred (100) days, and it has been over fifty (50) days since agreeing on terms captured in the MoU with no implementation undertaken nor official communication on a way forward.”
The bondholders, who entrusted their savings to the government, expressed their frustration with the situation, describing the government’s conduct as condescending, insensitive, and disrespectful to its own citizens.
However, in reaction to the concerns raised, the government has reassured all bondholders of continuing constructive engagement with the leadership of the CIBG, as well as government’s commitment to the implementation of the terms of the MOU.
It stated that it has settled all outstanding coupons and principal payments up until June 19, 2023 and has sent out instructions for payment of coupons falling due up until July 10, 2023.
“The Ministry of Finance takes this opportunity to thank all bondholders for their continuous support during this period of tight liquidity. Government is confident that in working with all stakeholders, we shall restore macroeconomic stability, achieve inclusive economic growth, and transform the Republic,” it said.
In this regard, Franklin Cudjoe has urged all members to stand down. He has announced a media briefing later in the day.