Abena Osei Asare Begs Pensioner Bondholders To Suspend Picketing

The Deputy Finance Minister, Abena Osei Asare, has made a passionate plea to Pensioner Bondholders, urging them to exercise patience as the government scrambles to secure the necessary resources to settle their unpaid matured coupons.

 

Despite rainy weather conditions, members of the Pensioner Bondholders Forum resumed their picketing at the Finance Ministry on Thursday, June 1, to demand the payment of their outstanding coupons and principals.

 

After a meeting between the Ministry and the Pensioner Bondholders, the group temporarily suspended their protest with the understanding that all overdue coupons would be paid, while discussions regarding principal payments would continue.

 

However, after two weeks the government has yet to engage the pensioners on the way forward, with some coupons still outstanding.

In light of these developments, the pensioners have resumed their protest, hoping the government will address their demands.

 

However, the deputy Finance Minister earnestly implored the pensioners to temporarily suspend their protest while the government actively seeks funds to fulfil their obligations.

She emphasized that the government is not intentionally neglecting the payment of outstanding coupons. Instead, the delay is primarily caused by the unavailability of funds and the prevailing economic crisis.

 

“We don’t intentionally stop them, sometimes it’s difficult, it is the ability to pay and so when it is not there it becomes a challenge, but we also have to communicate that to you. So, for now, our focus should be on the five outstanding, and then we talk about how we will manage the principal payment. So we

 

“I sincerely appreciate where you are coming from. This has never happened when coupons are ready for payment and the government is struggling to pay, but currently, we all know the circumstances we find ourselves in, so I will plead with you so let’s sit and clear, and then we will see the way forward.”

 

 

Listen to Hon. Abena Osei Asare in the audio below

 

 

 

Members of the Forum resumed their picketing the Finance Ministry on Thursday, June 1, over the government’s failure to pay their matured coupons.

In a statement announcing their decision, the forum indicated that the government despite its initial agreement to pay the outstanding coupons on May 15, 2023, as agreed in a meeting with the Finance Ministry, failed to redeem its promise.

They explained that as a result, there have been two additional coupons since the agreement was made adding to the already existing coupons due.

The Forum said that they wrote to the Ministry on May 15 and May 22 to demand payment and warned they would resume picketing if their payments were not made, however, they are yet to get a response.

“As at today, the 29th of May 2023, there remain four outstanding coupons and four outstanding principals to be paid by the Ministry. The first principal has been outstanding for 98 days, the second for 84 days, the third for 42 days and the fourth is due today,” the forum stated.

“Naturally, we have to and had indicated to the Ministry that we shall demand interest on the delayed principals as the government has deprived investors involved of their capital for re-investment to earn returns,” they added.