- President Nana Akuffo Addo has urged all stakeholders of treasury bills, government investments, and pension funds to remain calm as the negotiations between the government and the International Monetary Fund would not affect them.
In his address to the nation on Sunday, October 30, 2022, on the state of the economy, he noted that news items circulating that investors will lose their money are just mere rumors.
“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.
According to President Akufo Addo, efforts are being made to fast track processes to secure an IMF bailout by the end of year.
“We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year.” he revealed.
Further speaking, he noted that “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’.
“An anonymous two-minute audio message on a WhatsApp platform predicting a so-called haircut on Government bonds sent all of us into banks and forex bureaus to dump our cedis, and, before we knew it, the cedi had depreciated further” ,he stressed.
He finally called on all Ghanaians to support government to bring the cedi to stability.
“All of us can play a part in helping to strengthen the cedi by having confidence in the currency, and avoiding speculation,” he urged.
story by: Fafa Melody | univers.ug.edu.gh