President’s ‘No Haircuts’ Comment Applies To Only Principal – Oppong Nkrumah

Source The Ghana Report

Minister of Information, Kojo Oppong Nkrumah has explained that the President’s assurance of no haircuts on investments in bonds applies just to the principals.

According to Mr Oppong Nkrumah, that is his understanding of the statement.

“My understanding is that no principals will be touched. No principals will have a haircut,” he clarified.

He added that the details will be known when the full debt restructuring strategy is announced.

“The debt sustainability strategy is yet to be announced in full.”

“When they are done with the rest of the strategy, and they come out and do a full announcement, we will have clarity on the form that the debt restructuring will take,” he said in an interview with Citi FM.

President Nana Akufo-Addo assured investors that no individual will lose any money due to the debt restructuring accompanying negotiations with the International Monetary Fund(IMF).

Addressing the nation on Sunday, October 30, on measures his government is considering to curb the current economic crisis, he said the government will make efforts to protect the investment of the citizenry.

“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 due to 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, the government ensured that the 4.6 million depositors affected by the exercise did not lose their deposits,” he stressed.

The president was reacting to speculations about haircuts on principals amid talks on the IMF deal.

He also sent caution “to those who make it a habit of publishing falsehoods, which result in panic in the system.”

“I say to them that the relevant state agencies will act against such persons,” he warned.

The government is in negotiations with the IMF for a $3 billion bailout in the midst of intensifying hardship, skyrocketing fuel prices, a rising cost of living and a depreciating cedi.

According to the president, Ghana and the IMF are expected to reach a deal before the end of the year.


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