We're not interested in the conversion of our principals into Treasury Bills - PBF
The Pensioner Bondholders Forum (PBF) have given the strongest indication that they are not interested in the conversion of their principal payments into Treasury Bills.
Read full articleThis comes after the Individual Bondholders Forum had earlier suggested to government to take the route in the wake of delayed payment of coupons and principals following the completion of the Domestic Debt Exchange Programme.
Lead Convener of PBF, Dr Adu Anane Antwi, speaking with journalists at the forecourt of the Ministry of Finance on May 8 said the Forum is rather going strictly by the arrangement contained in their original bond conditions.
“We are going strictly by our bond condition and we want government to pay us our coupons and principals when due. Government has also not given us any proposal pleading that it will pay us through T-Bills”.
Touching on how the PBF believes government can borrow funds to pay the coupons and principals of bondholders in the financial markets, Dr. Adu Antwi said government can borrow from the Treasury Bills market to pay the outstanding debt.
He explained that, “…If you borrow from the T-Bills it will raise the debt level a bit but government is currently faced with a condition where it has to take this route especially for persons who need their money for medication, rent and other critical needs”.
“Government must borrow from the treasury bill market to pay pensioner bondholders so that we can make something out of the remaining time we have on this earth,” he lamented.
On Monday May 8, the Pensioner Bondholders Forum resumed picketing at the Finance Ministry and vowed that they are not ready to back down until the Ministry of Finance pays all outstanding coupons and principals of bond investments.
Dr. Adu Anane Antwi, claims that his group is willing to announce its presence at the finance ministry's premises until their complaints are addressed, regardless of how long that may take.
Dr. Adu Antwi, who was a former Director-General of the Securities and Exchange Commission (SEC), also noted that several attempts to get the finance ministry's attention have proved futile.
MA/FNOQ
