Dr. Adu Anane Antwi, the convener of the Pensioner Bondholders Forum, says the Forum will not back down from its plan to formally exempt them from the debt exchange program.
The Pensioner Bondholders Forum picketed in front of the Finance Ministry for an hour on Monday to press the Finance Minister to officially exempt them from the domestic debt exchange program.
According to the Forum, the same grace extended to Pension Funds should be extended to Pensioners, as the majority of them rely on their coupons to provide for themselves and their children.
The government, however, has refused to exempt them, instead offering them an “improved and enhanced offer.”
Finance Minister Ken Ofori-Atta stated in a press statement on the eve of the final deadline for the debt exchange program, “Having listened to and acknowledged emerging concerns, we have recalibrated the framework of the DDEP, with the following constituting the terms of the improved and enhanced offer:
“All individual bondholders under the age of 59 (Category A) are being offered instruments with a maximum maturity of 5 years, rather than 15 years, and a 10% coupon rate;
“All retirees (including those retiring in 2023) are being offered instruments with a maximum maturity of 5 years, rather than 15 years, and a 15% coupon rate.”
Pensioner Bondholders can also choose to be exempt from the debt treatment process.
In response to the Minister’s statement, Dr. Adu Anane Antwi says that, despite the offers, the group is still pursuing full exemption to ensure that their investments are secure regardless of the outcome of the debt treatment.
