No Way, This Can’t Happen; Akufo Addo’s Government In Trouble

Martin Kpebu private legal practitioner

Martin Kpebu, a private legal practitioner, is leading a group of about 200 individual investors who do not want any haircuts on their matured investments to engage the government.

Their involvement with the government follows the government’s inclusion of individual bondholders in the debt exchange program.

According to a report on myjoyonline.com, he also stated that if the negotiations fail, he will file a lawsuit against the government.

“The government must not be allowed to use its power to impoverish Ghanaians,” he said.

As part of its efforts to restructure its debt, the government modified its GHC 137.3 billion domestic bond exchange program on December 25 to include individuals.

This is to secure approval from the International Monetary Fund’s (IMF) Management and Executive Board for a $3 billion loan-support program to address Ghana’s current economic crisis.

In addition to the previously mentioned extensions, the government was “expanding the type of investors that can participate in the exchange to now include individual investors,” according to a release issued by the Finance Ministry and copied to the Ghana News Agency on Saturday.

Other changes to the debt exchange program included the establishment of a non-binding target minimum level of overall participation of 80 percent of eligible bonds’ aggregate principal amount outstanding.

According to the release, the company is “offering accrued and unpaid interest on Eligible Bonds as well as a cash tender fee payment to holders of Eligible Bonds maturing in 2023.”

The new bonds would also include eight new instruments, for a total of 12 new bonds, one maturing each year beginning in January 2027 and ending in January 2038.

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