Individual bond holders to sue govt over domestic debt exchange

A number of individual bond holders who were previously spared from the debt swap program are getting ready to file a lawsuit against the government of Ghana.


All bondholders who qualify have been invited to join the class action, which is set to be filed next week.


“This choice and deed are indefensible, and the Government must be permitted to use its power to further the impoverishment of Ghanaians. We are extending an invitation to eligible bondholders who want to join the class action through this bulletin, according to the invitation.


A few hours after the invitation to join was posted on social media sites, about 50 bond holders expressed interest in taking part in the case, according to Kwadwo Agyapong, the group’s convener.

However, the Ministry of Finance has attempted to dissuade individual bond holders from suing the government, claiming that it would be challenging to get a verdict against the state in this case.


“Ghana’s Republic is a sovereign nation. As a result, it might be challenging for eligible bondholders to win or realize awards against the Republic, according to Finance Minister Ken Ofori-58-page Atta’s modified debt exchange offer.


In connection with any action arising out of or based upon the Invitation to Exchange or any securities issued under the Invitation to Exchange brought by any holder of such securities, “The Republic has submitted to the jurisdiction of the courts of Ghana and waived any immunity from the jurisdiction (including sovereign immunity) of such courts.”

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