The Ghana Individual Bondholders Forum (IBF) has reaffirmed confidence and trust in the leadership of its lead convener, Senyo Hosi, and pledged to continue to work assiduously to advocate and effectively represent the interests of individual bondholders’ collective investment schemes.
The pledge follows a letter submitted to the Finance Minister by the Individual Bond Holders Association of Ghana (IBHAG) in which it recused itself from deliberations of the Technical Committee set up to discuss the settlement of outstanding and future principal and coupon payments due to individual bondholders.
A statement from the IBF observed that attempts to impugn the integrity of Senyo Hosi and accusing him of being an appendage of the Ministry of Finance and doing its bidding is unfortunate, inaccurate, unfair, and dishonest.
This, the IBF says, departs completely from the past collective position of individual bondholders and stressed that private meetings between Mr. Hosi of the IBF and the Ministry of Finance are not solutions to the concerns of Individual Bondholders whose coupon and principal payments have been in arrears or over two months.
“The IBF has maintained working relations with IBHAG since both groups were established following the inclusion of individual bondholders and collective investment schemes in the GoG’s Domestic Debt Exchange program.”
“Both parties have always been independent but have worked together occasionally for the common good of its members, knowing that any positive outcomes of our advocacy will benefit every individual bondholder whether members of IBF, IBHAG or neither.”
The group stressed that the ideas and proposals tabled by Mr. Hosi at the meetings with the Finance Ministry have been concepts prior discussed and approved by the relevant committees of the IBF and the proposals also prior discussed with the leadership of the IBHAG.
The statement stressed that the false representations of IBHAG is an affront to the collective effort to ensure that the GoG honours its commitment to individual bondholders whose coupon and principal payments have not been honoured since they became due.