Senyo Hosi, Convener of the Individual Bondholders Forum, has slammed the Finance Ministry, the Ghana Stock Exchange (GSE), and the Securities and Exchange Commission (SEC) for their poor management of the financial market.
On Citi Prime News on Tuesday, March 14, Mr. Hosi expressed concern about the Finance Ministry’s failure to honor matured coupon payments and the lack of communication with individual bondholders who did not subscribe to the Domestic Debt Exchange Programme.
According to him, the Finance Ministry is gradually eroding the little trust that the financial market still has.
“We are slowly destroying our financial market.
Sector actors must take responsibility.
They owe a fiduciary duty to both the people and the state.
“You cannot destroy our sector’s reputation simply because we are employed for a short period of time and after our politics, we walk away, leaving future generations to suffer from their ill behavior and ill management,” Mr Hosi told host Vivian Kai Mensah.
“Unfortunately, I have to call out the Securities and Exchange Commission and the Ghana Stock Exchange, who are led by very experienced people in the sector,” Mr Hosi continued, “but somehow politics erodes people’s commitment to professionalism, and that must stop.” The Coalition of Individual Bondholders gave the Ministry of Finance a 48-hour deadline on Tuesday to pay all matured principal and outstanding coupons due on the government’s existing bonds.
“The coupon and principal payments due to Individual Bondholders who opted out of the Voluntary Domestic Debt Exchange programme have not been paid, despite written press releases confirming the resumption of payments on 13th March 2023. “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 will fight to ensure the full payment of our monies and the preservation of our Securities Markets for future generations,” we say, calling 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.
