His resignation takes effect from Monday, July 31.

Mr Hosi in a press statement dated Saturday, July 22, said though he was not a victim of the controversial Domestic Debt Exchange Programme (DDEP), he felt the need to step in and help the vulnerable.

According to him, the position came at a great cost to his person, businesses, family and relationships. 

“…but I have no regrets. I have served for no reward but for the settlement of an honest conviction. I have served despite not being a victim of the DDEP.

“Together we have shown the capacity and value in working as a collective. We have shown that if Ghanaians collectively, committedly, and fearlessly work towards a common good, we can shape right the path of policy and transform our country for good. Truly, evil triumphs when good people do nothing,” he stressed. 

He explained that he has decided to resign because he will not be able to commit the time and resources required to effectively serve the members.

“I therefore wish to humbly serve notice of my resignation as convener and member effective 31st July 2023,” he added.

Mr Hosi used the opportunity to tout his achievements while at post. 

“We have also secured billions of payments to those who opted not to participate and protect 100% of their investments at par yields.

“I am grateful to the media, government officials, and the IBF and IBHAG general membership for their support,” the statement concluded.

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This follows a press statement from the Finance Ministry reassuring bondholders that it will meet all its obligations as stipulated in the memorandum of understanding signed on May 16 between government and the coalition.

The coalition had announced their decision to picket following their dissatisfaction with the government’s lack of action concerning the payment of their coupons and principals.

In a press statement announcing the picket, they had stated that “Payment of some bonds has been in default for over one hundred (100) days, and it has been over fifty (50) days since agreeing on terms captured in the MoU with no implementation undertaken nor official communication on a way forward.”

The bondholders, who entrusted their savings to the government, expressed their frustration with the situation, describing the government’s conduct as condescending, insensitive, and disrespectful to its own citizens. 

However, in reaction to the concerns raised, the government has reassured all bondholders of continuing constructive engagement with the leadership of the CIBG, as well as government’s commitment to the implementation of the terms of the MOU.

It stated that it has settled all outstanding coupons and principal payments up until June 19, 2023 and has sent out instructions for payment of coupons falling due up until July 10, 2023.

“The Ministry of Finance takes this opportunity to thank all bondholders for their continuous support during this period of tight liquidity. Government is confident that in working with all stakeholders, we shall restore macroeconomic stability, achieve inclusive economic growth, and transform the Republic,” it said.

In this regard, Franklin Cudjoe has urged all members to stand down. He has announced a media briefing later in the day.

According to him, the main opposition to the government’s second round of domestic debt restructuring is due to the fact that since the first round the government has done nothing to address concerns about its mammoth size, nor has it reduced its expenditure as suggested by labour.

He said the government’s refusal to impose on itself the same austerity measures it is imposing on Ghanaians has largely fuelled the mistrust and opposition to the government’s latest policy which he believes is particularly favourable to pension funds.

Speaking on JoyNews’ PM Express, Senyo Hosi said it was about time government started heeding to the demands of the general public in order to soften the strong opposition to its policies and projects.

“For pension funds I think that they have to sit down and the president should listen small on this kind matter. There’s a theme going on that ‘Mr. President, we’re not seeing you live by example. Your government is also not being seen to be sharing in the pains that Ghanaians are going through.’ One of our members called me and he was livid, angry, what is his problem?

“He has gone to sit down, he’s flying to South Africa, he’s sitting down in the plane, and here are junior members of SOEs sitting in business class to South Africa, less than six hours. Plenty of them, sitting in business class, what’s wrong with you?

“You owe people you can’t pay, but you’re sitting there and then you’re flaunting spending their money in their face. It’s a bit insulting. These are petty petty things. If you pass a rule today, just like most corporates do, I’m telling you, go to the British Embassy, you’ll see what flights the staff there fly. Most of them fly economy going back to London but Ghana people who fly economy, middle officers, everybody business class.”

He has urged the president to issue a directive preventing government officials from flying business class for trips six hours and below.

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“I mean, show something. The president should issue a directive this business-class nonsense must stop. The truth of the matter is most of these people sitting there when before government they couldn’t even spell business class, but every day you see them and that is it.

“You know it’s ok, you’re going to America, plenty of hours, okay. You’re going somewhere less than six hours, six hours or less, a directive, everybody including ministers, everybody has to fly economy. When people start seeing signs like these everybody goes ok you’re also trying something,” he said.

The payments were originally due on the 6th and 13th of February 2023, however, the Ministry of Finance says the payment processes commenced on Monday, March 13.

In a joint press statement issued by the Ghana Individual Bondholders’ Forum and the Individual Bond Holders Association of Ghana on Wednesday however, they said that while they welcome the commencement of payments, it is important to note that the failure of the Finance Ministry to be definite about a payment schedule or a notification date for outstanding payments, does not augur well for the rebuilding of confidence in the financial market.

“We, therefore, call on the Ministry of Finance to advise its exact payment plans within a week of this first payment. We owe it to the credibility of Ghana’s financial market and future generations to rebuild and sustain a credible and buoyant financial market, at least, in respect of information and transparency as required of issuers per the Securities Industry Act, 2016 (Act 929), SEC and GSE Regulations.

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“We further call on the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to rise above partisan politics and exercise their roles responsibly as independent regulators and managers of our securities market. Building credible institutions remains critical for the development of our country.

“In this regard, we expect professional leadership from these two institutions in protecting investors and ensuring responsible and compliant conduct of issuers including the Government of Ghana and the Ministry of Finance.”

The Finance Ministry in a statement announced an extension to the programme but warned of serious challenges should they decide to sell the bonds before the maturity dates.

According to the agreement, individual holders who fail to sign will struggle to trade their bonds if they fail to accept the new terms announced by the Finance Ministry.

Per the new agreement, “based on the engagements with the representative groups of individual bondholders, the following has been offered and will form part of the new Exchange Memorandum:  

a. An affirmation that all individual bondholders are free not to participate; 

b. However, upon a successful DDEP there will be very few of the ‘old bonds’ in circulation, and likely limit its tradability; 

c. In this regard, the Government is pleased to make available the following alternative offer to encourage all individual bondholders to participate in the Exchange: 

i. All individual bondholders who are below the age of 59 years will be offered instruments with a maximum maturity of 5 years, instead of 12 years, and a 10% coupon rate; 

ii. All retirees (including those retiring in 2023) will be offered instruments with a maximum maturity of 5 years, instead of 12 years, and a 15% coupon rate

Speaking on Joy FM’s Super Morning Show on Wednesday, the Deputy Finance Minister, Dr John Kumah believes the fortunes of the individual holders are better secured if they sign up.

According to him, bondholders should seek financial advice on the new terms.

This, he explained, is because, “it is based on the basic principles of demand and supply and once you transition about 90% of your bond market to a new bond market, those left in that old bond have less demand and it is going to affect the value of their bonds.”

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For this reason, he urged individual bondholders to sign up to the offer not to lose 90% of their bonds.  

“If you say that you will not do it but others should do it to create the capacity so that you have certainty for your returns, then you are not helping the process. So let’s all be part of the process,” he added.

He further entreated individual bondholders to help create a vibrant trade market.

Meanwhile, a Convener of Individual Bondholders Forum (IBF) has reiterated calls for government to exempt individual bondholders from the Debt Exchange Programme.

Dr Adu Anane Antwi stuck to his original position even though the terms of the offer for individual bondholders were changed to voluntary and not subject to penalties if they choose not to participate in the programme.

Speaking on Joy FM’s Top Story on Tuesday, January 31, he said “well, we have gotten the news but it doesn’t meet what we are requesting. We are requesting for an exemption from the programme and we will continue to do the engagement till it gets to where we want to be.”