There will Be No “Haircuts” – President Akufo-Addo Assures

The President, Nana Addo Dankwa Akufo-Addo has assured that government does not intend to slash the returns made on investments as speculated.

President Akufo-Addo gave the assurance when he addressed the nation on Sunday following economic challenges currently confronting the country.

“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 currently seeking a $3 billion economic recovery support from the International Monetary Fund (IMF).

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.

Earlier reports suggested 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.

While refuting such claims, President Akufo-Addo urged persons making such claims to desist from such actions.