Govt gradually destroying financial market – Senyo Hosi

The Convener of the Individual Bondholders Forum, Senyo Hosi, has slammed the Finance Ministry, the Ghana Stock Exchange (GSE) and the Securities and Exchange Commission (SEC) over their woeful handling of the financial market.

Speaking on the Citi Prime News on Tuesday, March 14, Mr Hosi said the failure of the Finance Ministry to honour matured coupon payments and the lack of communication to individual bondholders who failed to subscribe to the Domestic Debt Exchange Programme is disturbing.

According to him, the Finance Ministry is gradually eroding the little confidence left in 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. 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,” Mr Hosi told host Vivian Kai Mensah.

Mr Hosi added, “respectfully, I, unfortunately, have to call out the Securities and Exchange Commission and the Ghana Stock Exchange, who are led by very experienced people in the sector, but somehow politics erodes people’s commitment to professionalism, that must stop.”

The Coalition of Individual Bondholders on Tuesday gave the Ministry of Finance a 48-hour ultimatum to pay all matured principal and outstanding coupons due on the existing bonds issued by the government.

“The coupon and principal payments due to Individual Bondholders who opted out of the Voluntary Domestic Debt Exchange programme have not been paid, despite written press releases confirming the resumption of payments on 13th March 2023.

“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. We call on the Securities and Exchange Commission and the Ghana Stock Exchange to enforce the rules of full disclosure required by all issuers including the Government of Ghana.

“We will fight to ensure the full payment of our monies and the preservation of our Securities Markets
for the future generation.”