Akufo Addo-led Government Won’t Touch Treasury Bills – Stephen Amoah On “No Haircut” Policy

Member of Parliament (MP) for Nhyiaeso Constituency in the Ashanti Region, Dr Stephen Amoah popularly known as Sticka, has assured all Ghanaians and investors that government will not touch Treasury Bills as part of plans for the debt restructuring process.

The government through the Finance Minister Ken Ofori Atta has said that there will be no interest in investment for 2023 as government outlines plans to deal with Ghana’s restructuring process.
According to the government, Treasury Bills holders will receive the full value of their investments upon maturity.

Speaking in an interview with Nana Yaw Mensah Joel on Oyerepa Breakfast Show’ the Nhyiaeso MP stated that the government has made plans to deal with bonds and other investments, saying that Treasury Bills are exempted from its debt exchange facilitated by the government as part of measures to restore macroeconomic stability.
He reiterated that government will not touch Treasury Bills, savings and current accounts apart from government bonds. He said there would be no cut-off on the principal bonds and individuals holding such bonds would not be affected.

However, it is only in 2023 that one will not be able to receive interest on investments made.

This comes after President, Nana Addo Dankwa Akufo-Addo assured Ghanaians that government does not intend to slash the returns made on investments as speculated. He 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.

READ:Akufo Addo-led Government Won’t Touch Treasury Bills – Stephen Amoah On “No Haircut” Policy

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.