'Arrogant' Ofori-Atta must clarify contradiction on payment of maturities, coupons – IBHAG

The Individual Bondholders Association of Ghana (IBHAG) has expressed displeasure over Finance Minister [Ken Ofori-Atta] defaulting on the payment of maturities and coupons slated for February 6, 2023.

This comes after the Finance Minister and the IBHAG had earlier on verbal grounds agreed to make payments on the maturities and coupons as part of a revised Memorandum of the Debt Exchange Programme.

In a statement issued by IBHAG, the group contends that it demands the Finance Minister [Ken Ofori-Atta] must clarify this apparent contradiction.

“We call on the Finance Minister to clarify this apparent contradiction. If it turns out to be exactly what we have read in the memorandum, that will be a betrayal similar to the vain promises, veiled threats, and inconsistencies of the Finance Minister in the DDE exercise,” the statement said.

“We demand an explanation from the Minister on the memorandum, whilst we serve notice that our patience is waning. We are tired of the Minister’s shenanigans, and we will resort to whatever it takes to protect our health, the education of our children, and our livelihoods, in line with our national anthem, which enjoins us to resist oppressor’s rule," portions of the statement added.

They further accused the Finance Minister [Ken Ofori-Atta] of being arrogant while reneging on promises made around the Domestic Debt Programme as part of building consensus.

“Meanwhile, he [Ken Ofori-Atta] has remained arrogant, ignoring all advice from his own government, political party, parliament, financial experts, religious bodies, traditional leaders, and Civil Society Organisations (CSOs) among many others,” IBHAG stressed.

IBHAG in its statement however called on its members to remain resolute and resist the attempts to get them to sign onto the Debt Exchange Programme.

“Our technical and legal teams are assessing the memorandum and will advise on Monday on its implications. Members will be duly informed as to when to activate the next line of action.”

Meanwhile, the group said it would not allow the Finance Minister to use their hard-earned salaries, severance packages, life-long savings, and monies for their health care and children’s education to pay for his recklessness and incompetence.

They also accused him of using his company to serve as a transactional advisor to government’s reckless borrowings while benefiting from the said move.

MA/FNOQ