The government has rejected the request of the Pensioner Bondholders Forum for interest on four outstanding principal payments. The forum is a group of retired workers who invested in government bonds.
The forum met with the Ministry of Finance to discuss their concerns, but the government did not agree to pay interest on the delayed payments. The forum’s convener, Dr. Adu Anane Antwi, said they will seek arbitration from the Commission on Human Rights and Administrative Justice (CHRAJ) to determine their rights.
“We will write an official letter to the government on our demand for interest on the overdue principal, and we will wait for their response in writing. We will also submit our case to CHRAJ for them to tell us whether we have the right to do that or not.”
The pensioner bondholders have resumed their protest at the Ministry of Finance after the government failed to keep its promise of paying five overdue coupons, as stated by Deputy Finance Minister Abena Osei Asare.
Abena Osei Asare asked the pensioners to stop their protest temporarily while the government looks for funds to pay them. She said the government is not deliberately delaying the payment of overdue coupons. Rather, the lack of funds and the economic crisis are the main reasons.
“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 overdue coupons, and then we talk about how we will manage the principal payment.”
“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.”
