Government Freezes Payment of Bonds Maturing Today Onwards | What about Tbills?
Finally, Government Freezes Payment of Bonds to restore economic bouancy. The battle is still the lords’ for everyone now. No one knows what happens next. The government of Ghana gave an indication to pay debts of people who do not want to participate in the domestic debt restructuring program that is ongoing. However, the position for paying such debts changed at the last minute on Friday.
The ministry of finance inserted a clause not to pay debts maturing from today. This has left domestic investors who were expecting their funds to be stranded and helpless. It is yet to be disclosed when and how the debts will be paid. The domestic debt restructuring program has returned to taking the form people referred to earlier as voluntary by force. Or perhaps the funds will be paid in a tot-by-tot approach.
Lawyer Martin Kpebu who disclosed this in a Citi Eyewitness news report, hinted at going to court to force the government to pay people’s money to them.
Earlier today
The efforts of Ken Ofori-Atta, the minister of finance, to turn the challenges of the economy around are taking a new twist every day. The minister of finance had to fall the “Adinkra” symbol to try convincing the pensioners despite the huge compromised he had to make compared to the original terms of the debt restructuring with respect to the individual bond holders.
Originally, the debt restructuring program wanted to freeze all interest on bonds held by individuals. Also, the program wanted to pay coupons for individual bond holders after fifteen (15 years).
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http://educationalhealthynews.com/education/picketing-pensioners-forced-ofori-atta-to-hold-outdoor-negotiations-with-them/
However, Ghana Government now wants to pay for coupons after only five (5) years. Also, individual bond holders would get 15% interest instead of the average 18.5% interest at the time individuals were buying the bonds.
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http://educationalhealthynews.com/education/christiana-astu-missing-after-earthquake-strike-at-turkey/
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