Government begins payment of outstanding bonds with the next 48hours

Government of Ghana has announced that it has started processing payments of outstanding bonds.

In a statement released on March 14, the government announced that holders of these bonds can expect to receive their payments within the next 48 hours.

The initial instruction would cover coupon and principal payments on bonds that matured on February 6th and February 13th, 2023.

The Ministry added that the payment dates for subsequent maturities will be communicated in due course as the processing continues.

“Government is pleased to announce that processes to settle payments on outstanding bonds commenced yesterday, 13th March 2023. The initial instruction covers coupon and principal payments on bonds that matured on 6th February 2023, and 13th February 2023. Holders of the afore-listed bonds should therefore expect to receive their payments within the next 48 hours,” the statement noted.

This announcement comes after the Coalition of Bondholders gave the government a 48-hour ultimatum to pay all their outstanding coupons or face their wrath.

“We are giving a 48-hour ultimatum to the Ministry of Finance to honour its word to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana. We call on the Securities and Exchange Commission and the Ghana Stock Exchange to enforce the rules of full disclosure required by all issuers including the Government of Ghana. We will fight to ensure the full payment of our monies and the preservation of our Securities Markets for the future generation,” the group said in a statement.