The Individual Bondholders Forum has issued a 48-hour ultimatum.

The Individual Bondholders Forum has issued a 48-hour ultimatum through the convener of the forum “Senyo Hosi” to the Minister of Finance Mr. Ken Ofori Atta to settle their outstanding Owings due them or face legal. He also criticized the Securities and Exchange Commission (SEC), the Ghana Stock Exchange (GSE), and the Finance Ministry for their appalling management of the financial sector.

On Tuesday, March 14, Mr. Hosi noted in one of his interviews with Citi FM that the Finance Ministry’s inability to honor matured coupon payments and the absence of engagement with specific bondholders who chose not to participate in the Domestic Debt Exchange Program are alarming.

He claims that the Finance Ministry is steadily destroying what little trust there is in the financial market.

“Our financial market is being slowly destroyed by us. The sector’s players must take responsibility. They have a fiduciary duty to the state and to us as citizens.

You cannot discredit our industry because we work for a brief amount of time, engage in politics, and then depart, leaving future generations to endure their bad behavior and poor management.

Respectfully, Mr. Hosi said, “I regretfully have to criticize the Securities and Exchange Commission and the Ghana Stock Exchange, which are run by extremely seasoned professionals in the industry, but somehow politics undermines people’s devotion to professionalism; this must stop.”

The Ministry of Finance was given a 48-hour deadline by the Coalition of Individual Bondholders on Tuesday to pay all maturing principal and unpaid coupons on the government’s current bonds.

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We are giving the Ministry of Finance a 48-hour deadline to keep its word and pay all maturing principal and unpaid coupons on the current bonds issued by the Government of Ghana. We demand that the Ghana Stock Exchange and the Securities and Exchange Commission uphold the requirements for full disclosure set forth by all issuers, including the government.