The President, Nana Addo Dankwa Akufo-Addo has assured all Ghanaians that government does not intend to cut down on the returns made on their investments as being speculated.
According to the President, no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money.
President Akufo-Addo gave the assurance when he addressed the nation on Sunday October 30, 2022 on the state of the economy and the steps government is taking to arrest the situation and restore sanity because of the economic challenges currently confronting the nation.
“I also want to assure all Ghanaians that no individual or institutional investor, including pension funds, in Government treasury bills or instruments will lose their money, as a result of our ongoing IMF negotiations. There will be no “haircuts”, so I urge all of you to ignore the false rumours, just as, in the banking sector clean-up, Government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he added.
Government is negotiating with the International Monetary Fund (IMF) for a $3 billion economic recovery support as the government as part of processes for securing the IMF support is currently conducting a debt sustainability analysis and there are fears investments in government securities may be affected.
There was also prior reports suggesting that about GH¢3.7 billion of the GH¢3.9 billion Tier 2 pension contributions placed in government securities may be affected by the Debt Restructuring Programme.
However, President Akufo-Addo allayed fears urging persons making such claims to desist from such actions.
By Vincent Kubi