Gov’t To Honour Coupon Payments And Maturing Principals
The government has promised to honour coupon payments and maturing principals of individuals who refused to participate in the Domestic Debt Exchange Programme (DDEP).
The government included individual bonds in the programme in place of Pension Funds on December 24 following protests from a section of stakeholders.
This was followed by protests from individual bondholders, however, on January 16, the government modified the programme to make it voluntary with a 10% coupon rate for individual bondholders below 59 years and a 15% coupon rate for retirees.
Despite this, a group calling itself Pensioner Bondholders Forum continued to protest the DDEP and called for total exemption.
Members of the group in the past days have been picketing the Finance Ministry to drum home their demand.
In a press statement on February 14, the Ministry of Finance said though the Programme was voluntary for individual bondholders, they were encouraged to participate in the programme to enable burden-sharing in dealing with the national crisis.
It assured that these bondholders will have their coupon payments and maturing bonds honoured.
“We would like to stress that, all Individual bondholders, especially our Senior Citizens, should rest assured that their coupon payments and maturing principals, like all Government bonds, will be honoured in line with Government’s Fiscal commitments.”
Source: opemsuo.com/Hajara Fuseini