John Dramani Mahama, the former president, has charged the government with lying about haircuts.
Despite the government’s assurances that there won’t be any haircuts, Mr. Mahama claimed that individual bondholders are presently experiencing them.
According to him, the bondholders are being forced into poverty by this.
In a tweet on Twitter, Mr. Mahama iterated,
“Outrageous! Gov’t lies to individual bondholders; forces a haircut, and plunging more people into poverty! An absolute failure in managing our economy.”
Background
Recall that President Nana Addo Dankwa Akufo-Addo promised that if Ghana ultimately reached a settlement with the International Monetary Fund, no investment would lose money, including pension funds and government treasury bills or instruments (IMF).
When the transaction with the Fund was closed, Mr. Akufo-Addo stated that certain members of the public are worried they would lose their money.
In a speech to the country on October 30, 2022, Mr. Akufo-Addo allayed the concerns by stating that, similar to how client deposits were rescued during the banking sector clean-up process, no one will lose money in this as well.
In light of that, he iterated:
“There will be no ‘haircuts’, so I urge all of you to ignore the false rumors, 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.
“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,” he added.
Conclusion
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