Pensioner Eurobond holders in Ghana are demanding exemption from the government’s recently concluded $13 billion Eurobond debt restructuring. The group has expressed disappointment over the government’s disregard for their appeals during the debt negotiations, despite multiple petitions to the Ministry of Finance seeking exclusion.
The pensioners argue that their inclusion in the debt exchange, without proper consultation, will worsen their already vulnerable financial situation, placing a significant burden on them.
“No consideration whatsoever has been taken of individuals who invested in these bonds, hoping to live off the returns during our retirement years and be financially self-reliant in our old age. We, the affected pensioners, write to express our deep disappointment and frustration with this turn of events, as numerous letters submitted to the Minister to engage us on the matter did not receive any response,” the group stated.
The retirees are particularly concerned about the 37% haircut, reduced interest rates, and extended bond maturity periods, which now stretch up to 10 years.
“At our ages, and being on retirement, it is clear that this will affect us adversely, resulting in significant financial losses which we can hardly afford. Not to mention our recurring medical expenses. In fact, the past two years of zero-interest payments have already led to serious hardships for us,” they emphasized.
They are calling for meaningful dialogue with the government to explore alternative solutions that will safeguard their financial well-being, urging authorities to reconsider exempting them from the harsh restructuring terms.
“As pensioners, our numbers are small, and our plea to be exempted from this burden has fallen on deaf ears. We urge the government to reconsider our exemption, taking into account our limited financial resources and dependence on these investments for our livelihood.”
The group insists that the Minister’s call for all bondholders to accept the restructuring terms cannot apply to them, citing the severe impact it would have on their livelihoods.
