IBF members affirm their confidence and trust in the leadership of Senyo Hosi
These accusations have been met with strong rebuttals by the IBF, who maintain that Senyo Hosi has been acting in the best interests of individual bondholders and that the proposals he has put forward have been approved by the relevant committees of the IBF and discussed with the leadership of IBHAG. The IBF has expressed disappointment in the letter from IBHAG, stating that the accusations are unfounded and could be detrimental to the collective efforts to ensure that the Government of Ghana (GoG) honours its commitment to individual bondholders.
The Individual Bond Holders Association of Ghana (IBHAG) has requested to recuse itself from the Technical Committee set up to discuss the settlement of outstanding and future payments due to individual bondholders, in a letter addressed to the Minister of Finance. The association has also made allegations against Senyo Hosi, the lead convener of the IBF, accusing him of being an appendage of the Ministry of Finance and impugning his integrity.
These accusations have been met with strong rebuttals by the IBF, who maintain that Senyo Hosi has been acting in the best interests of individual bondholders and that the proposals he has put forward have been approved by the relevant committees of the IBF and discussed with the leadership of IBHAG. The IBF has expressed disappointment in the letter from IBHAG, stating that the accusations are unfounded and could be detrimental to the collective efforts to ensure that the Government of Ghana (GoG) honours its commitment to individual bondholders.
The inclusion of individual bondholders and collective investment schemes in the GoG’s Domestic Debt Exchange Program has led to the establishment of both the IBF and IBHAG, who have maintained working relations, albeit independently, for the common good of their members. It is crucial to note that the positive outcomes of their advocacy would benefit every individual bondholder, whether members of IBF, IBHAG, or neither.
The primary objective of the IBF, which boasts of over 340,000 members, is to continue engagements with the Ministry of Finance to secure full and final closure to the issue of coupon and maturity payments for individual bondholders and collective investment schemes that chose the option to self-exempt under the DDEP. The organization has affirmed its confidence and trust in the leadership of Senyo Hosi and will continue to work assiduously to advocate for the interests of individual bondholders and collective investment schemes, welcoming collaboration with all honourable groups and persons who share in its vision.
The disagreements between IBF and IBHAG bring to light the challenges faced by individual bondholders in Ghana, who have invested in Government Bonds with the expectation of receiving their due payments on time. The delays in payment have caused significant financial strain on these bondholders, who are often small investors with limited means to absorb the impact of delayed payments.
The technical committee set up to discuss these issues must work diligently to ensure that individual bondholders receive the payments due to them. It is essential that the committee’s report, due on 26th April 2023, is comprehensive and reflective of the interests of all parties involved. The IBF has reaffirmed its commitment to holding the Government of Ghana accountable for all agreed deliverables and ensuring that the interests of individual bondholders and collective investment schemes are protected.
The disagreement between IBF and IBHAG also highlights the importance of collaboration and cooperation in advocating for the interests of individual bondholders. It is vital that all groups and persons involved in advocating for individual bondholders work together towards a common goal, putting aside personal or organizational differences that may hinder progress.
The accusations made by IBHAG against Senyo Hosi are unfounded, and the IBF’s proposals have been approved by the relevant committees of the organization and discussed with IBHAG’s leadership. The primary objective of the IBF is to continue engagements with the Ministry of Finance to secure full and final closure to the issue of coupon and maturity payments for individual bondholders and collective investment schemes. It is crucial that the technical committee set up to discuss these issues delivers a comprehensive report that reflects the interests of all parties involved, and that all groups and persons involved in advocating for individual bondholders work together towards a common goal.
Source: norvanreports.com
