Pensioner Eurobond holders in Ghana are demanding exemption from the recently completed $13 billion Eurobond debt restructuring by the government.
The group is disappointed with the government’s failure to consider their grievances in the debt negotiations despite submitting multiple appeals to the Ministry of Finance for an exclusion.
They say that being included in the debt exchange without a hearing from the government will exacerbate their vulnerability and lead to a heavy financial burden.
“No consideration whatsoever has been taken of individuals who invested in these bonds, hoping to live off the returns during our retirement years and be financially self-reliant in our old age. We, the affected pensioners, write to express our deep disappointment and frustration with this turn of events; as numerous letters submitted to the Minister to engage us on the matter did not receive any response.”
These retirees are urging the government to exempt them from what they describe as the harsh terms of the restructuring.
The group is concerned about the 37% haircut, reduced interest rates, and extended maturity dates of up to 10 years.
“At our ages, and being on retirement, it is clear that this will affect us adversely, resulting in significant financial losses which we can hardly afford. Not to mention our recurring medical expenses. In fact, the past two years of zero-interest payments have already led to serious hardships for us”, the group said.
The pensioners also want meaningful dialogue with the government for alternative solutions that safeguard their financial well-being.
“As pensioners, our numbers are small, and our plea to be exempted from this burden has fallen on deaf ears. We urge the government to reconsider our exemption, taking into account our limited financial resources and dependence on these investments for our livelihood.
“The Minister’s call for bondholders to accept the terms reached in the restructuring of the $13.1 billion owed Eurobond holders cannot be applied to us, given the severe impact on vulnerable groups like ours”.
