According to the Ministry of Finance, administrative measures are being taken by the government to guarantee that principal and coupon payments on old bonds resume by March 13, 2023.
Also, according to the Ministry, recently issued bonds that have been resolved and listed will take the place of existing benchmark bonds in the fixed-income market.
According to an announcement from the Ministry of Finance, "The Ministry of Finance will work with key stakeholders, as agreed, to ensure that these new benchmark securities become the foundation for expanding the domestic sovereign bond market."
A coalition of three distinct bondholder organizations met with Mr. Ken Ofori-Atta, the minister of finance, on Monday before the announcement was made public.
The meeting's goal was to obtain clarification on the procedures and deadlines for paying bonds that were due during the Domestic Debt Exchange Programme (DDEP).
"Recall that they stated they would halt payment for the duration of the program in the DDEP."
The payment date was changed from February 14 to February 21, according to an interview with Mr. Senyo Hosi, convener of the Individual Bondholders Forum.
In addition to the Pensioners Bondholders Forum and the Individual Bond Holders Association of Ghana (IBHAG), he said that the coalition was prepared to work with the government and expected it to be just to all of the senior bondholders.
According to the coalition, a letter indicating when the government intends to fulfill its duties was sent to the Finance Ministry on February 13.
"Unfortunately, we never received a definite response to that," said Mr. Hosi. We observed articles that, although indirectly replying to our letter, lacked the precise commitment needed to provide investors with certainty.
He continued by saying that the administration had promised to "enhance and maintain communication lines open and clear" moving ahead.
"We are hopeful that today will be a positive first step in the industry's recovery from the information shortage and the suspension of payments," he added.
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