Pensioner Bondholders prioritize payment over suing government for delays.
The Pensioner Bondholders Forum (PBF) has announced that they will not take legal action against the government for the delays in payment of outstanding coupons and principals owed to its members. Speaking on the second day of the Forum’s picketing at the Finance Ministry, the Convener of the PBF, Dr. Adu Anane Antwi, emphasized that going to court would only compound their difficulties in obtaining their outstanding payments. Instead, the PBF is putting pressure on the government to deliver on its commitment to pay pensioners what they are owed.
The PBF has stated that as of May 8, 2023, the government has yet to pay 22 coupons and 3 principals following the completion of the Domestic Debt Exchange Programme. They have also rejected the idea of the government using Treasury Bills to pay principal payments, insisting that they want the government to adhere to the bond's conditions and pay them their coupons and principals on time.
To settle the outstanding debt, the PBF recommends that the government borrow from the Treasury Bills market. Dr. Antwi acknowledged that borrowing from the T-Bills market could increase the debt level, but it is necessary, especially for pensioners who urgently need their funds for medication, rent, and other critical needs.
In conclusion, the Pensioner Bondholders Forum's decision not to sue the government for the delays in payment demonstrates their strong commitment to finding a peaceful and mutually beneficial solution to the issue. The PBF has been persistent in their picketing at the Finance Ministry, raising awareness of their predicament and pressing for the government's prompt response to their concerns. It is commendable that the group has put the welfare of its members first and opted not to pursue legal action, which could cause further delays in payment.The PBF's proposal for the government to borrow from the Treasury Bills market to settle the outstanding debt is a pragmatic solution that considers the urgency of the situation. Dr. Antwi's assertion that this move may raise the debt level is a valid point that the government needs to address in the context of broader economic considerations. Nonetheless, the PBF's recommendation is a constructive approach that acknowledges the need for quick action.
blogpay
Total Comments: 0