Your old/existing bonds will still be valid. The DDE is a voluntary offer. Therefore, the terms of your existing bond investment(s) remain the same. Government cannot change the terms of your investment without your consent. This is captured in the Attorney-General’s advice to the Minister of Finance, dated 18th Nov 2022.

Go about your usual daily activities and pay no attention to any threats or coercion from any advisors. Do not panic or be afraid. This DDE exercise is purely VOLUNTARY and your decision to opt out will not affect your old/existing bond holdings. Your Bonds will still be valid after the deadline date.

Your old investments will still be valid. The Daakye and ESLA Bonds are backed by receivables from specific taxes that have been irrevocably assigned and are still in place. There are clauses which require the Government to make immediate full payment if it intends to vary the existing structure of the bonds.

You are not and cannot be called unpatriotic. It is rather unpatriotic for the government to increase its expenditure by 40%, by unlawfully taking the hard-earned investments of its citizenry after the Attorney-General advised it not to do so. How do you plan to spend more when you are broke? It is unpatriotic for Government to want to grow bigger by making its hardworking citizens fewer and poorer.

The IBF has proposed other alternatives to help restore the economy, including the review of proposed Capital expenditure of GHS27 billion in the 2023 budget. The amount due to be paid to individual bondholders in 2023 is GHs6.6 billion.


You are a patriotic and responsible citizen if you hold elected officials to account.

No. Government says it needs 80% participation from the bond market. Direct and Indirect IBs account for only 11%. Government therefore has excess of 89% to secure its arrangement.

  • The risk of the Government defaulting on its obligations to pay coupons and maturity exists for both old and new bonds.
  • Government has no immunity in your existing bonds and has to pay you if there is a default.
  • The new bonds give government immunity and empowers them to default in the future with almost no consequences or chance for you to recover your money.
  • Government will be sued in the event of default in settling GoG bonds
  • ESLA Plc and its directors will be sued in the event of default in settling ESLA Bonds.
  • Daakye Trust Plc and its trustees will be sued in the event of default in settling Daakye Bonds.
  • The IBF has engaged its team of senior lawyers to represent members in the event of default.
  • Your old bonds are superior to the new bonds government is proposing to issue. You have better coupons, you keep the original tenure based on your own financial plans, and you can recover your money if government defaults.
  • The new bonds erode between 50%- 88.2% of your economic value. It makes you poorer and less secure.
  • You get no coupons for 2023 and suppressed cashflow in subsequent years.
  • From the point above, the new bonds can easily be rendered worthless.

The economic sustenance of 1.3mn investors and 6.5mn livelihoods including pensioners and young families shall be unjustly disrupted.

Their CRIME: They trusted the Government!

  2. Join the over 50,000 IBF members and register at ganaibf.com