The Convener of the Individual Bondholders Forum, Senyo Hosi, has blamed the Finance Ministry, the Ghana Stock Exchange (GSE) and the Securities and Exchange Commission (SEC) for their role in the gradual destruction of the financial market.
According to him, government’s failure to pay for the matured coupons at the due date to bondholders who checked out of the Domestic Debt Exchange Programme will erode the little confidence investors have in Ghana’s financial market.
Speaking in a Citi News interview on Tuesday, he said that the Finance Ministry, GSE as well as SEC all have roles to play and therefore must be held accountable when they fail to live up to expectation.
In his view, the Finance Ministry’s failure to honour the matured bonds constitutes a gradual destruction of the financial market.
“We are gradually destroying our financial market. The actors of the sector must be responsible. They have a fiduciary responsibility to us as a people and to the state.”
He was worried that such a damage to the financial sector would affect the next generation who would bear the brunt of the current generation’s mismanagement.
While noting that the SEC and GSE are managed by competent personnel, he lamented that politics has eroded their professionalism and work ethics.
“You cannot destroy the reputation of our sector simply because we are employed for a short period and after our politics, we walk away and leave generations yet unborn to continue to suffer from their ill behaviour and ill management,” he added.
Senyo Hosi’s remarks come after the Government of Ghana failed to pay all matured principal and outstanding coupons due on the existing bonds.
As a result, the Ministry of Finance has been given a 48-hour ultimatum to honour its debt obligation by the Coalition of Individual Bondholders.
“We are giving a 48-hour ultimatum to the Ministry of Finance to honour its word to pay all matured principal and outstanding coupons due on the existing bonds issued by the Government of Ghana,” the coalition said.
