Continue paying our coupons, principals when due without any delays – Pensioners Bondholders to gov’t

The leadership of the Pensioners Bondholders Forum has expressed appreciation to government for excluding its members from the new Domestic Debt Exchange Programme (DDEP).

In a press release, it said the exclusion of pensioner bondholders is the right thing as their inclusion would have been irregular.

“We are glad to note that yesterday, 19th of September 2023, our members started receiving from the Government, payments for two (2) of the coupons and the principal due on 18th September 2023. Furthermore, our members have today started receiving payments for the other coupon due. We have information that other individual bondholders who are not pensioners are, just like pensioners, also receiving the three (3) coupons and one (1) principal due.

“This situation therefore, effectively confirms that the Government has abandoned its invitation to all individual bondholders (pensioners and non-pensioners) to the DDEP reopening,” parts of the release from the Pensioner Bondholders Forum signed by its Convener Dr. Adu A. Antwi said.

Meanwhile, the Pensioner Bondholders are calling on government to ensure the swift payment of coupons and principals without delay when due for payment.

“We wish to express our appreciation to the Government for addressing the concerns of individual holders of “Eligible Bonds”. We believe the Government will continue to pay our coupons and principals when due, and without delays,” the release from the Pensioner Bondholders Forum added.

PRESS RELEASE
RE: INCLUSION OF PENSIONERS IN THE DDEP REOPENING INVITATION

We make reference to our press statement on the above subject released on 18^th September 2023. In the statement we indicated that we had submitted a letter dated 18^th September 2023 to the Minister of Finance, indicating that we find the inclusion of pensioners in the DDEP Reopening Invitation as irregular, since pensioners had been exempted from the DDEP.

We indicated in the press statement that we had pointed out to the Minister of Finance that the menace of the inclusion of pensioners in the invitation is that, pensioners will not receive their coupons and principals due during the offer period, and until settlement date. This is so, as the Government will have to wait till settlement date to be able to determine holders who did not tender their bonds, before paying them their coupons and principals that became due during the offer period.

We advised that the Minister should cause the exclusion of pensioners from the invitation, so as not to create a situation that will result in pensioners not receiving their coupons and principals on due dates for a period. We indicated to the Minister that we had three (3) coupons and one (1) principal that were due and payable on Monday, 18^th September 2023, and expected to receive the payments without any delay. We also indicated that we expect to receive, without delays, payments of subsequent coupons and principals that will fall due.

We are glad to note that yesterday, 19^th of September 2023, our members started receiving from the Government, payments for two (2) of the coupons and the principal due on 18^th September 2023. Furthermore, our members have today started receiving payments for the other coupon due. We have information that other individual bondholders who are not pensioners are, just like pensioners, also receiving the three (3) coupons and one (1) principal due.

This situation therefore, effectively confirms that the Government has abandoned its invitation to all individual bondholders (pensioners and non-pensioners) to the DDEP reopening.

We wish to express our appreciation to the Government for addressing the concerns of individual holders of “Eligible Bonds”. We believe the Government will continue to pay our coupons and principals when due, and without delays.

SIGNED
Dr. Adu A. Antwi, FCA, Esq.
Convener