I unable to commit time and resources to continue — Senyo Hosi resigns as convener of Individual Bondholders Forum

Senyo Hosi has announced his resignation as lead convener of the Ghana Individual Bondholders Forum (IBF) effective July 31.

In a letter dated July 22, Mr Hosi cited the significant time and resources required to continuously serve effectively as the reason for stepping down.

"I have found joy in realising the impact that our collective success has brought to homes and lives that hitherto were in distress and state of hopelessness following the forceful introduction of the Domestic Debt Exchange programme (DDEP)," Hosi wrote in a part of his resignation letter.

"While I am proud of our collective efforts, I am unable to continue to commit the time and resources required to effectively serve,” he added.

The finance policy analyst and entrepreneur became convener of the IBF in January 2023 when the group was formed to advocate for individual bondholders affected by government’s domestic debt restructuring program.

Under his leadership, the forum secured improved terms for members participating in the debt exchange program and full redemption payments for those opting out.

"Our collective work improved the economic terms for our membership who wished to subscribe to the DDEP by reducing their economic loss from 50% to levels ranging from 19% to 33% in the revised offers. We have also secured billions of payments to those who opted not to participate and protect 100% of their investments at par yields," Mr Hosi recounted.

The IBF convener role required significant personal sacrifice over the past seven months, according to Mr Hosi.

"My service has come at great cost to my person, my relationships, business, and family but I have no regrets," he noted.

He expressed gratitude to IBF members, the media, government officials and the general public for their support during his tenure.