The lead convenor for the Individual Bondholders Forum, Senyo Hosi, has resigned as convenor and member effective July 31, 2023.
In a letter shared on Twitter, the former Chief Executive of the Chamber of Bulk Oil Distributors mentioned his inability to devote time and resources to the Forum as the reason for his exit.
“While I am proud of our collective efforts, I am unable to commit the time and resources needed to effectively serve. I therefore wish to serve notice of my resignation as convenor and member effective July 31, 2023,” he stated in the letter.
He added: “Our collective work improved the economic terms for our membership who wished to subscribe to the DDEP by reducing their economic loss from 50% to levels ranging from 19% to 33% in the revised offers. We have also secured billions of dollars in payments to those who opted not to participate and to protect 100% of their investments at par yields.”
Earlier this month, the IBF, a part of the Coalition of Individual Bondholder Groups (CIBG), caused the government to pay a substantial part of their outstanding principals and coupons after they threatened to embark on a series of pickets at the Finance Ministry dubbed “OccupyFinance”.
The IBF was set up as a response to the Government of Ghana’s (GoG) proposed debt exchange and restructuring program, which negatively impacts the investments of direct and indirect individual bondholders. The Forum provides legal, public advocacy, and negotiation representation for members with investments in GoG Cedi and Dollar bonds, ESLA Bonds, Daakye Bonds, Ghana Euro bonds, and Collective Investment Schemes.
Although the services of the convenors are voluntary,the Forum is run by the contributions of its members.
